WNC Raises $129M for Institutional LIHTC Fund
The latest LIHTC fund from the Irvine, Calif.-based firm will develop and renovate more than 1,600 affordable housing units in nine states.
WNC, a provider of investment, asset management and development in the affordable housing industry, has closed on $128.5 million in institutional low-income housing tax credit (LIHTC) funds to develop and renovate more than 1,600 affordable housing units across nine states. The equity was raised in WNC Institutional Tax Credit Fund 48 LP (WNC Corp. 48).
The closing of WNC Corp. 48 brings WNC’s total equity raise since inception to $5.4 billion. A total of eight investors participated in WNC Corp. 48, which will fund the development and preservation of 18 veteran, family and senior affordable housing communities. The properties are located in Arkansas, California, Connecticut, Iowa, Louisiana, Montana, South Dakota, Tennessee and Texas.
Christine Cormier, senior vice president of investor relations at the Irvine, Calif.-based firm, noted in a prepared statement that WNC has previously collaborated with more than 90 percent of the investors in the fund.
The funds will be used to help construct Emerson Apartments in Los Angeles, which will provide 39 low-income housing units for families and veterans. The transit-oriented development is near a rapid bus line and a Metrolink Station.
WNC Corp. 48 will also be used to build Wiyaka Sakpe, a 36-unit affordable housing community on the Cheyenne River Sioux Reservation in Eagle Butte, S.D. The community will provide social services including veteran support and case management, nutrition, education, employment, health and childhood development.
In September, WNC closed on $210 million in LIHTC funds to develop and renovate more than 1,900 affordable multifamily and senior housing units in 12 states. The equity was raised across two funds, WNC Institutional Tax Credit Fund 47 LP (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 LP (CA 17). WNC Corp. 47 raised $134.6 million in equity and CA 17 raised $75.5 million in equity.