Home Alts News WNC Closes a $126.8 Million LIHTC Fund

WNC Closes a $126.8 Million LIHTC Fund

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National investor in real estate and community development initiatives WNC recently closed an institutional low-income housing tax credit (LIHTC) fund. 

The offering, WNC Institutional Tax Credit Fund 40, L.P. (WNC Corp 40), raised about $126.8 million and has 17 properties under contract for an aggregate acquisition cost of $123 million. 

“The properties that comprise WNC Corp. 40 consist of a combination of approximately 450 new affordable housing units that will be delivered to families and seniors in need, and preserve nearly 1,000 existing affordable housing units in our nation’s supply,” commented WNC Senior Vice President of Investor Relations, Christine Cormier.

Specifically, the fund invested in 13 family and 4 senior housing affordable housing communities in 12 states including Massachusetts, California, New York, Washington, and Minnesota, among others.  In total, WNC Corp 40’s properties will provide about 1,500 units of affordable housing. 

The Irvine-based WNC, known as a pioneer in affordable housing development and low-income housing tax credits, was founded in 1971 and has offered institutional and retail investors numerous investment opportunities. Throughout that time, they’ve done something right as investors keep coming back. 

“This fund consists of 72 percent repeat development partners, and nearly 80 percent repeat investment partners, further demonstrating the success of the LIHTC program throughout the past 30 years,” added Cormier.