National real estate investor, WNC, announced today that it has closed its $125 million institutional low-income housing tax credit (LIHTC) fund, WNC Institutional Tax Credit Fund 39, LP (WNC Corp. 39).
The fund includes six investors and will be made up of 25 affordable housing communities that include 15 family, nine senior, and one senior/family mix with an aggregate 1,684 units of affordable housing.
The properties are in 12 states, including: Alaska, Arkansas, California, Illinois, Kansas, Minnesota, Mississippi, New Jersey, Oklahoma, South Dakota, Texas, and Washington. All of the properties will be new or substantially rehabilitated.
“We are pleased to complete this offering that will deliver additional low-income housing options and preserve existing affordable housing in communities where the demand for such housing continues to outpace supply,” commented WNC Executive Vice President and Chief Operating Officer Michael Gaber.
“For nearly 30 years, the LIHTC program has been among the most successful examples of public/private partnership in our nation’s history, and we appreciate the ongoing support of our existing investors and development partners, along with the added commitment from new investors, as we work to increase the inventory of affordable housing nationwide,” he added.
Earlier this summer, in June 2014, WNC announced the closing of another low-income housing fund, WNC Institutional Tax Credit Fund X California Series 12, LP. The two funds represent a total equity raise of $185 million. WNC welcomes two new investors to its LIHTC portfolio with the closing of WNC Corp. 39.
Since its founding in 1971, WNC has acquired over $6 billion in real estate assets, which consists of over 1,200 properties in 45 states.
Since 2000, the company has helped develop 17 low-income community projects.