WNC & Associates, Inc., has closed a $100 million multi-investor low-income housing tax credit fund.
WNC Institutional Tax Credit Fund 35 will finance 18 affordable housing properties with 1,134 units.
“This fund features a diverse portfolio of properties strategically located in 11 states,” said Wilfred Cooper Jr., president and CEO of WNC, in a statement. “Our 40 years in the affordable housing business allow us to thrive in this competitive market through partnerships with a broad network of new and repeat developers throughout the United States.”
The 18-property portfolio encompasses 12 properties for families and six properties for seniors located in markets throughout the United States. Nine properties are newly constructed, and nine are rehab properties. Total development costs are approximately $155 million.
The fund closed with seven institutional investors, including five regional and national banks and two national insurance companies.