WNC has closed a $176 million low-income housing tax credit fund (LIHTC) that will finance the development or renovation of more than 2,160 affordable homes in 16 states.
WNC Institutional Tax Credit Fund 50 LP (WNC Fund 50) will support 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas, and Wyoming.
A portion of the units at 13 properties will be set aside to help special-needs tenants, including at-risk and formerly homeless individuals, people with physical and mental disabilities, veterans, single parents, persons recovering from chemical dependency, and frail seniors.
“For five decades, WNC’s core mission has been to put a safe, quality, and affordable roof over the heads of those in need,” said WNC executive vice president of investor relations Christine Cormier. “As we near our official 50th anniversary next month, we’re pleased to announce the closing of this fund—our largest institutional LIHTC fund to date—which raised additional equity to further our core mission.”
Nine investors are participating in WNC Fund 50. There are also six new development partners for the firm. Among the projects within the fund is a 96-unit affordable seniors housing project, Perennial Senior, which will be constructed for residents 55 and older in Bozeman, Montana. The new development will feature an on-site health care facility that has been pre-leased to Community Health Partners, a local nonprofit organization. Additionally, in Plattsmouth, Nebraska, a historic high school building will be adapted into 41 units of family affordable housing.
The completion of WNC Fund 50 brings WNC’s total equity raise since inception to approximately $5.9 billion, which has helped develop and renovate more than 96,000 affordable housing units across the country.
Founded in 1971 and headquartered in Irvine, California, WNC is a national investor in affordable housing and community development initiatives.
