WNC, a national low-income housing tax credit (LIHTC) syndicator, announced it has closed a $124.5 million LIHTC fund along with a $4.7 million Hawaii state tax credit fund.
WNC Institutional Fund 37 includes nearly 2,000 units of affordable housing in 20 properties in 15 states. The developments include seniors, family, and mixed-tenancy communities. The fund features both new construction and rehabilitation projects.
One of the properties is a development of 32 single-family homes in Joplin, Mo., an area ravaged by tornadoes in 2011.
Additionally, the Hawaii fund features the new construction of a 160-unit seniors community in Honolulu.
“We were able to reach many parts of the United States, including Alaska and Hawaii, while exceeding our initial fundraising goal by nearly 25 percent,” said Will Cooper Jr., president and CEO, in a statement.
The combined funds involve 10 investors, three of which are new to WNC. There were an equal number of banks and insurance companies.