WNC announced the closing of a $126.8 million low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 40 has 17 properties—13 family and four senior housing development—under contract throughout the nation, said the firm.
Combined, the properties offer nearly 1,500 units of affordable housing in 12 states—California, Colorado, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, Oklahoma, New Mexico, New York, Tennessee, and Washington—as well as the U.S. Virgin Islands.
“The properties that comprise WNC Corp. 40 consist of a combination of approximately 450 new affordable housing units that will be delivered to families and seniors in need and preserve nearly 1,000 existing affordable housing units in our nation’s supply,” said Christine Cormier, WNC senior vice president of investor relations, in a statement. “Additionally, this fund consists of 72% repeat development partners, and nearly 80% repeat investment partners, further demonstrating the success of the LIHTC program throughout the past 30 years.”
Irvine, Calif.-based WNC is a LIHTC syndicator and national investor in real estate and community development initiatives. WNC has acquired nearly $6.7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington, D.C., and the U.S. Virgin Islands.