WNC has announced a new Preservation Equity Funds product line to focus on raising equity for affordable housing developments at or near the end of their low-income housing tax credit (LIHTC) compliance periods and owned by limited and/or general partners seeking to exit their investment.
David Tarquin has joined WNC as director of portfolio management for the new line. He will be a key member of the team that launches the initiative and oversees the new portfolio.
“Our goal is to preserve the assets and to keep them affordable until they are resyndicated into a new tax credit vehicle,” Tarquin says.
Headquartered in Irvine, Calif., WNC is a national investor in real estate and community development initiatives. The firm is a longtime LIHTC syndicator, but the new product line is not a LIHTC fund. The company will be working with Community Reinvestment Act investors to raise equity.
The first fund will likely close late this summer or early fall. Tarquin estimates it will have approximately 15 to 20 properties in California.
Prior to joining WNC, Tarquin served as vice president, capital markets, and co-portfolio manager with Pacific Urban Residential in California.