WNC has closed its WNC Institutional Tax Credit Fund 45 LP (WNC Corp. 45), a $150 million low-income housing tax credit that will be used to develop and renovate more than 1,950 affordable housing units throughout the U.S. The fund includes five repeat investors and one new investor.
The communities funded by the WNC Corp. 45 fund will be located in Alaska, Arizona, Iowa, Minnesota, New Jersey, Tennessee, Arkansas, California, Maine, Mississippi, New Mexico and Texas. Among the 26 properties will include the development of Trails at Leon Creek, a 296-unit community in San Antonio, as well as the historic renovation and rehabilitation of the Hotel Maytag in Des Moines, Iowa. Originally constructed in 1926 by Maytag Corp. founder Frederick Louis Maytag I, the asset will be converted into 45 affordable housing apartments.
“WNC is proud to announce the closing of our latest fund, which will not only protect the critically needed affordable living spaces at existing communities, but expand the number of low-incoming housing units available at a time when our nation’s supply is greatly outweighed by the demand,” Christine Cormier, senior vice president of Investor Relations at WNC, told Multi-Housing News.
In June, WNC provided $17.1 million in low-income housing tax credit equity to fund the construction and renovation of Fort Des Moines Living. This was on behalf of Blackbird Investments, which completed the transformation of six Des Moines, Iowa, barracks into an affordable property.
Image courtesy of WNC