WNC has closed a $150.5 million low-income housing tax credit (LIHTC) fund that will finance 24 properties nationally, announced company leaders.
“This is the second largest fund in WNC’s 42-year history, as well as the second national multi-investor fund this fiscal year, representing more than $275 million,” said Michael Gaber, executive vice president and COO, in a statement. “WNC Institutional Tax Credit Fund 38 welcomes four new banks to our LIHTC funds, along with six existing insurance company and bank investors to our latest fund.”
The properties involved in the fund are a mix of family and seniors housing developments, including 15 new construction projects and nine slated for rehabilitation.
Headquartered in Irvine, Calif., WNC is a national LIHTC syndicator and investor in real estate and community development initiatives. The firm has acquired more than $5.9 billion of assets totaling in excess of 1,100 properties in 45 states, Washington D.C., and the U.S. Virgin Islands.