WNC, a leading provider of investment, asset management, and development services in the affordable housing industry, announced the closing of its latest low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 48 (WNC Corp. 48) raised $128.5 million in institutional LIHTC equity, which will be used to develop or renovate more than 1,600 affordable housing units in nine states.
“Quality, reliable affordable housing plays a significant role in keeping our community safe and healthy, and WNC is encouraged that our investors continue to support those in need despite current events sweeping our nation,” said WNC senior vice president of investor relations Christine Cormier. “Just over 90% of the developers in this fund are companies that we have collaborated with before, which is a testament to the quality of WNC’s projects and long-standing relationships.”
Eight investors participated in WNC Corp. 48, which will fund the development and preservation of 18 veteran, family, and senior affordable housing communities in Arkansas, California, Connecticut, Iowa, Louisiana, Montana, South Dakota, Tennessee, and Texas.
Funds will be used to help construct Wiyaka Sakpe, a 36-unit affordable housing community located on the Cheyenne River Sioux Reservation in Eagle Butte, S.D. Upon completion, the community will provide residents with social services that include veteran support and case management, and other services related to nutrition, education and employment, health, and childhood development.
The fund will also help Affirmed Housing and NEXUS for Affordable Housing construct Emerson Apartments in Los Angeles, which will provide 39 low-income housing units for families and veterans. A transit-oriented community, the property’s location is proximate to rapid bus lines and a Metrolink station.
The completion of WNC Corp. 48 brings WNC’s total equity raise since inception to $5.4 billion.
