WNC has closed a $210 million affordable housing fund that will support the creation or preservation of more than 2,000 homes across the country.
WNC Institutional Tax Credit Fund 59 is investing in 18 communities in Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas.
The portfolio includes seven new-construction communities and 11 preservation communities, with two rehabilitations of historic properties. Five of the properties will serve seniors, while 13 will provide affordable housing for families.
“During a housing crisis marked by a shortage of 7.2 million affordable and available rental homes, Fund 59 shows how private capital can be mobilized to help close the gap,” says Will Cooper Jr., president and CEO of WNC. “New federal housing policy will bolster this work and expand opportunities to invest in affordable housing.”
Fund 59 includes investments utilizing low-income housing, energy, and historic tax credits.
Founded in 1971, family-owned WNC & Associates is a leader in the affordable housing industry. WNC and its affiliated companies—Community Preservation Partners, The Cooper Housing Institute, and Preservation Equity Fund Advisors—specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $21.7 billion in assets across 49 states, including more than 1,770 affordable rental properties that house more than 1 million residents.