WNC has closed a $135 million institutional low-income housing tax credit (LIHTC) fund that will help finance 24 affordable housing developments in 18 states.

Madison on Broadway in Wisconsin by Movin’ Out is among the developments that will be financed under WNC Institutional Tax Credit Fund 44. The 48-unit development received low-income housing tax credits from the Wisconsin Housing and Economic Development Authority.
Madison on Broadway in Wisconsin by Movin’ Out is among the developments that will be financed under WNC Institutional Tax Credit Fund 44. The 48-unit development received low-income housing tax credits from the Wisconsin Housing and Economic Development Authority.

WNC Institutional Tax Credit Fund 44 (WNC Corp. 44) includes 2,098 units of urban, suburban, and rural affordable housing for families and seniors scheduled for new construction or rehabilitation. The properties are located in Alaska, Arkansas, Arizona, California, Connecticut, Iowa, Illinois, Kansas, Louisiana, Minnesota, Mississippi, North Dakota, New Mexico, Rhode Island, Tennessee, Texas, Utah, and Wisconsin.

Four economic and four Community Reinvestment Act investors are participating in the fund.

“We are particularly excited about the closing of this fund due to several of its projects containing units built for individuals with special needs,” said Christine Cormier, WNC senior vice president of investor relations. “Additionally, WNC Corp. 44 will bring the first-ever affordable housing development to Kodiak, Alaska, expanding the program’s reach and delivering much-needed, low-cost housing options to families in need. WNC Corp. 44 also has a very high percentage of repeat development partners at 94%, speaking volumes of the fund’s quality of projects and the lasting partnership between WNC and each developer.”

To help individuals with disabilities, the fund includes:

  • Dacotah Ridge in North Dakota, where 22 or 24 units will help tenants with intellectual or developmental disabilities;
  • Kaplan Manor in Louisiana, where seven of the 32 units will be reserved for disabled seniors;
  • Madison on Broadway in Wisconsin, where at least eight units will be reserved for disabled individuals or veterans;
  • Paseo Del Oro in California, where five duplexes will be set aside for individuals or families affected by HIV/AIDs; and
  • Simmesport Square in Louisiana, where seven units will be reserved for disabled seniors.

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.