WNC has secured $153.4 million in equity after closing its WNC Institutional Tax Credit Fund 53, L.P. (Corp 53). The fund is a low-income housing tax credit that will go toward the construction and renovation of some 1,300 affordable housing units.
Raised through nine institutional investors, Corp 53 equity will be provided to 16 properties in Alaska, California, Connecticut, Florida, Kentucky, Massachusetts, Maine, Montana, Nevada, Texas and Washington, D.C.
Three new investors joined the fund, along with five new development partners. The closure of Corp 53 brings WNC’s equity fund to a total raised value of more than $7 billion.
Property types for the development and renovation plans will include multifamily communities as well as senior housing. Sixty-one percent of the homes are in qualified census tracts or difficult development areas, while 46 percent are in majority-minority locations. Select units are set aside for populations such as the homeless, formerly homeless and at-risk of homelessness, as well as residents with mobility, hearing and visual impairments.
An estimated 2,060 jobs will be created through Corp 52, with an anticipated $314 million of local income tax and government revenue generated. WNC’s Tax Credit Fund 52 LP, which closed in March, generated another 3,200 jobs with a total funding of $191.7 million.
Projects being funded
The RFW Apartments, a project for Refuge for Women, is being funded in Lancaster, Ky. Affordable homes for 24 families will be provided for women who have been victims of sexual abuse, domestic abuse and human trafficking.
In Kalispell, Mont., the Junegrass Place will be a two-property asset comprising 138 apartments. The community will feature a clubhouse, a fitness center, walking paths and a playground.