WNC has closed a $302 million low-income housing tax credit (LIHTC) fund that will help finance affordable housing development across 16 states.

Anand Kannan
Anand Kannan

WNC Institutional Tax Credit Fund 56 has made investments in 24 properties with 2,396 units, announced the longtime LIHTC syndicator.

“The closing of Fund 56, our biggest fund to date, is a testament to the incredible developer and investor partnerships that we have fostered at WNC, and we are thankful for these relationships that will bring nearly 2,400 affordable housing units in 16 states to fruition,” said president Anand Kannan.

The fund is investing in developments in Arizona, California, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Montana, North Carolina, Oregon, Pennsylvania, Texas, Washington, and West Virginia. Investments in affordable housing through Fund 56 encompassed a mix of 10 new-construction properties and 14 preservation projects, including three rehabilitations of historic properties.

The fund enables federal LIHTCs—and in some cases California state housing tax credits—to be passed through to investors, who can then apply them to reduce federal or California tax liabilities, as appropriate.

“WNC is happy to partner again with eight repeat investors and welcomes four new investors to Fund 56,” added Christine Cormier, executive vice president of investor relations.

WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents.