WNC Closes $109 Million Institutional LIHTC Fund to Develop and Renovate More Than 1,300 Affordable Housing Units
Closure of fund brings WNC's total equity raise since inception to $5 billion
IRVINE, Calif., April 29, 2019 /PRNewswire/ -- WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced today the closing of WNC Institutional Tax Credit Fund 46, L.P. (WNC Corp. 46), a $109 million institutional low-income housing tax credit (LIHTC) fund that will be used to develop and renovate more than 1,300 affordable housing units in the U.S.
The closure of WNC Corp. 46 brings WNC's total equity raise since inception to $5 billion.
"Our firm has devoted 48 years to developing and preserving affordable housing communities across the nation, and will continue this endeavor with WNC Corp. 46, which will fund 15 family and senior housing properties in 10 states," said WNC Senior Vice President of Investor Relations Christine Cormier. "WNC Corp. 46 has a high percentage of repeat development partners at 89 percent, which demonstrates the strength and quality of both the projects in each fund we create and the lasting partnerships we form."
The properties that will be funded by WNC Corp. 46 are located in Arkansas, Connecticut, Kansas, Minnesota, Montana, North Dakota, Nebraska, New Mexico, South Carolina and Texas.
A total of six investors participated in WNC Corp. 46.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $9.5 billion of assets totaling in excess of 1,400 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
Contact
Julie Leber
Spotlight Marketing Communications
949.427.1391
[email protected]
SOURCE WNC
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