WNC Raises $128.5 Million for Institutional LIHTC Fund to Develop and Renovate More Than 1,600 Affordable Housing Units
Closure of fund brings WNC's total equity raise since inception to $5.4 billion
IRVINE, Calif., March 31, 2020 /PRNewswire/ -- WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced today it has closed WNC Institutional Tax Credit Fund 48, L.P. (WNC Corp. 48), which raised $128.5 million in institutional low-income housing tax credit (LIHTC) equity. The equity will be used to develop and renovate more than 1,600 affordable housing units in nine U.S. states.
"Quality, reliable affordable housing plays a significant role in keeping our community safe and healthy, and WNC is encouraged that our investors continue to support those in need despite current events sweeping our nation," said WNC Senior Vice President of Investor Relations Christine Cormier. "Just over 90 percent of the developers in this fund are companies that we have collaborated with before, which is a testament to the quality of WNC's projects and long-standing relationships."
The completion 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.
Funds from WNC Corp. 48 will be used to help construct Wiyaka Sakpe, a 36-unit affordable housing community located on the Cheyenne River Sioux Reservation in Eagle Butte, South Dakota. Upon completion, the community will provide residents with social services that include veteran support and case management, and other services related to nutrition, education and employment, health and childhood development, among others.
The fund will also help construct Emerson Apartments in Los Angeles, which will provide 39 low-income housing units for families and veterans. An approved Transit Oriented Community, the property's location is proximate to rapid bus lines and a Metrolink station.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in affordable housing and community development initiatives. WNC launched its preservation equity funds to acquire existing, affordable rental apartments with the objective of providing institutional investors with current cash distributions, the potential for capital appreciation and the opportunity of having a positive social impact. WNC has acquired approximately $9.9 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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