WNC announced it has raised $153 million in low-income housing tax credit equity to help develop or renovate more than 1,600 affordable housing units across the country.
Nine investors participated in WNC Institutional Tax Credit Fund 49, which will help provide affordable homes for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Minnesota, Nevada, North Dakota, Texas, Washington, Wisconsin, and Wyoming.
“Affordable housing is a mission that stands tall in any economy, but we couldn’t be more pleased to close this fund despite the current pandemic concerns nationwide,” says Christine Cormier, WNC senior vice president of investor relations. “The closing of WNC Fund 49 is strong evidence of both our investor and development partners’ confidence in, and commitment to, WNC.”
WNC Fund 49 includes six new development partners for WNC. Among the projects within the fund is a 20-unit family housing development that will be located in Owyhee, Nev., on the Duck Valley Shoshone-Paiute Indian Reservation. Additionally, a 56-unit housing development will be constructed in Grand Rapids, Minn., with four units set aside for those who were formerly homeless. A 105-unit family community also will be constructed in Coachella, Calif., with 10 units set aside for those who are developmentally disabled.
WNC Fund 49 brings the firm’s total equity raised since inception to more than $5.7 billion, which has helped develop and renovate more than 91,000 affordable housing units across the country. To date, the firm has acquired approximately $10.9 billion of assets in 47 states, Washington D.C., and the U.S. Virgin Islands.
Founded in 1971 and headquartered in Irvine, Calif., WNC is a national syndicator and investor in affordable housing and community development initiatives.
