WNC announced the closing of a $150 million low-income housing tax credit fund that will help finance the development or renovation of more than 1,950 affordable housing units.
WNC Institutional Tax Credit Fund 45 (WNC Corp. 45) includes 26 developments for seniors and families in Alaska, Arkansas, Arizona, California, Iowa, Maine, Minnesota, Mississippi, New Jersey, New Mexico, Tennessee, and Texas.
“For more than 47 years, WNC has been a leader in the development and preservation of quality affordable housing throughout the United States,” said Christine Cormier, WNC senior vice president of investor relations. “WNC Corp. 45 continues this proud legacy and will help develop and renovate 26 affordable housing communities in 12 states where the demand for these homes far outpace the available supply.”
WNC Corp. 45 includes five repeat investors and one new investor.
Among the 26 properties within WNC Corp. 45 is the renovation and rehabilitation of the historic Hotel Maytag in the Des Moines, Iowa, suburb of Newton. Originally built in 1926 by Maytag Corp. founder Frederick Louis Maytag I, the property will be converted into 45 units of affordable housing by Hatch Development Group.
Headquartered in Irvine, Calif., WNC is a national investor in real estate and community development initiatives as well as a leading LIHTC syndicator. The company has acquired more than $9.1 billion of assets totaling in excess of 1,375 properties in 47 states, Washington D.C., and the U.S. Virgin Islands.
