WNC Closes $173M LIHTC Fund
The equity will develop and upgrade more than 1,330 affordable housing units.
Image by Mohamed Hassan via Pixabay
WNC has closed WNC Institutional Tax Credit Fund 54 LP (Corp 54), which raised $172.8 million in low-income housing tax credit equity for the construction and renovation of 1,331 affordable housing units. One new investor joined along with six new development partners.
The fund targets 14 properties across Arkansas, Georgia, Massachusetts, Indiana, Idaho, Michigan, Nebraska, Minnesota, New York, Ohio, South Dakota, Tennessee and Texas. Part of the fund’s units are reserved for residences catering to specific segments of the population including veterans, Native Americans and extremely low-income households.
Corp 54 will create approximately 1,700 jobs and is slated to generate more $190 million in local and federal tax revenue. It follows WNC 53, the company’s previous LIHTC fund which closed in September 2022 securing $153 million.
A diverse range of properties
One of the projects within the fund is Canvas Apartments, currently being constructed by LS Black Development in Minneapolis. Scheduled to come online in 2024, the community will add 160 affordable units, along with 23,184 square feet of ground-floor production and retail space, to the market’s inventory. The property is in the city’s Industrial Living Overlay District at 2301 California St. NE.
Another project is Patriot Park, an affordable community in Fayetteville, Ark., catering exclusively to veterans. Of its 60 units, 13 are reserved for individuals making less than 30 percent of the area median income. Located at 3405 Revolution Road, it is close to a VA office, as well as health-care facilities.
New Point Family Apartments is a community comprising 18 units across three buildings constructed between 1915 and 1920 in Salem, Mass., which will be renovated through the fund. Located in the historic The Point neighborhood, the property includes residences reserved for individuals earning at the thresholds of 30, 50 and 60 percent of the area median income.
