WNC has announced the closing of two institutional low-income housing tax credit (LIHTC) funds totaling approximately $350 million in equity.
The firm closed WNC Institutional Tax Credit Fund 55, which raised $220 million in equity, and WNC Institutional Tax Credit Fund 10 California Series 20 (CA 20), which raised $130 million in equity.
“WNC remains focused on our mission to provide safe, high-quality, and affordable housing options to residents in need across the United States, and the completion of two funds totaling $350 million in this economic environment speaks volumes about our investors’ belief in us and our mission,” said Christine Cormier, executive vice president of investor relations.
Equity from the funds will be used to construct and rehabilitate more than 2,100 affordable housing units across 29 properties in Alabama, Alaska, Arizona, California, Connecticut, Iowa, Maine, Massachusetts, Montana, North Carolina, Nebraska, New Hampshire, Texas, and West Virginia. Some of the units are set aside for special populations, including veterans, people experiencing or at risk of homelessness, people with disabilities, and extremely low-income households.
WNC Fund 55 includes properties from Los Angeles to Boston. Notable projects include Winterset, Prichard Hotel, and Tongass Townhomes. Originally built in 1921, Winterset is the adaptive-reuse of a high school in Winterset, Iowa. Prichard Hotel, a 13-story historic hotel built in 1925, is located in the Downtown Huntington Historic District in West Virginia. Tongass Townhomes, a 20-unit, new construction property in the popular cruise ship destination of Ketchikan, Alaska, will offer housing options for veterans and the homeless. The properties in WNC Fund 55 will create an estimated 2,600 jobs and $396 million in expected wages and tax revenue.
Equity from CA 20 will be used to construct 12 properties in California’s Fresno, Imperial, Los Angeles, Monterey, Riverside, Sacramento, San Diego, and Solano counties. The fund will create approximately 2,150 jobs and nearly $329 million in expected wages and tax revenue. About 47% of the fund’s 1,340 units are in difficult-to-develop areas and/or qualified census tracts, and about 71% of the units are in majority minority tracts.
The funds bring WNC’s total equity raise since inception to approximately $17.2 billion.
