WNC announced it has closed a $114.7 million low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 41, L.P. (WNC Corp. 41) features 24 family and senior housing communities scheduled for new construction or rehabilitation. The development will provide an estimated 1,674 affordable housing units in 11 states—Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington, and Wisconsin.
“WNC Corp. 41 is comprised of approximately equal amounts of new construction and rehabilitation projects, helping to not only deliver additional units to those in need, but to also preserve existing units in our nation’s already limited supply,” said Christine Cormier, WNC senior vice president of investor relations. “In addition, this fund includes approximately 93% repeat development partners, which speaks volumes to the success of the LIHTC program over the course of three decades. We are thrilled to continue our partnerships that pursue the growth of the nation’s existing affordable housing supply, and look forward to partnering with new developers in our quest.”
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 LIHTC syndicator. WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington, D.C., and the U.S. Virgin Islands. Since 2000, WNC has also been awarded four New Markets Tax Credit allocations, totaling $178 million.