WNC announced it has closed a $102 million institutional low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 42 (WNC Corp. 42) is comprised of 17 family and senior housing communities with 1,504 affordable housing units scheduled for construction or rehabilitation. The properties are located in 12 states: Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas, and Wisconsin.
“Approximately 28% of the projects in WNC Corp. 42 are new construction and will help to expand the nation’s limited stock of affordable housing,” said Christine Cormier, WNC senior vice president of investor relations. “The remaining 72% of the fund’s projects include traditional and historical renovation, preserving the desperately needed affordable housing supply currently available to seniors and families in eight states. WNC is proud to continue existing investment partnerships and expand our investor base with this fund, which consists of two economic investors and four CRA (Community Reinvestment Act) investors.”
This is the second national fund and third multi-investor fund WNC, a LIHTC syndicator and national investor in real estate and community development initiatives, has closed in 2016, totaling $329.7 million year-to-date.