WNC has closed its latest low-income housing tax credit (LIHTC) fund, raising $109 million in capital to develop and renovate more than 1,300 affordable housing units.
The closure of WNC Institutional Tax Credit Fund 46 brings the firm’s total equity raise since inception to $5 billion.
“Our firm has devoted 48 years to developing and preserving affordable housing communities across the nation and will continue this endeavor with WNC Corp. 46, which will fund 15 family and senior housing properties in 10 states,” said Christine Cormier, WNC senior vice president of investor relations. “WNC Corp. 46 has a high percentage of repeat development partners at 89%, which demonstrates the strength and quality of both the projects in each fund we create and the lasting partnerships we form.”
The properties that will be funded by WNC Corp. 46 are located in Arkansas, Connecticut, Kansas, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Carolina, and Texas.
A total of six investors participated in WNC Corp. 46.
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. The firm has acquired more than $9.5 billion of assets, totaling in excess of 1,400 properties in 47 states, Washington D.C., and the U.S. Virgin Islands.
