WNC, a national investor in real estate and community development initiatives, has closed a $144 million low-income housing tax credit (LIHTC) fund that will help finance 1,771 affordable homes.
WNC Institutional Tax Credit Fund 43 (WNC Corp. 43) includes 23 properties for families and seniors scheduled for new construction and rehabilitation. The properties are located in Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington, and Wisconsin.
“We are very pleased to successfully close this fund—the third and largest overall WNC institutional fund closed in 2017,” said Michael Gaber, WNC executive vice president and COO, in a statement. “Despite the turmoil in the market caused by potential tax reform, we are very proud that our team was able to successfully close on 100% of all the properties that were under contract in the fund prior to the election. We were also able to add additional affordable housing communities to the fund, at a time when others in the industry were experiencing significant difficulties completing acquisitions under similar circumstances.”
WNC Corp. 43 features Fort Des Moines Apartments, a 142-unit adaptive reuse of former barracks and horse stables at Fort Des Moines in Iowa. The property was originally constructed in 1917 and housed the nation’s first African-American officer training school.
“There's great history connected with the buildings at Fort Des Moines, and amazing memories that will be made in the years to come,” said Jimmy Becker, project manager with Blackbird Investments. “At a minimum, 142 families over the next year-and-a-half will be impacted with a wonderful place to call home.”
Headquartered in Irvine, Calif., WNC is a LIHTC syndicator. It has acquired more than $7.8 billion of assets totaling in excess of 1,300 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated the development of 17 low-income community projects.