WNC’s New LIHTC Fund
- May 21, 2015
WNC has closed WNC Institutional Tax Credit Fund 40, L.P., a $126.8 million institutional low-income housing tax credit fund.
Currently, the fund consists of 17 properties under contract throughout the nation for an aggregate total of $123 million. In total, the properties offer nearly 1,500 units of affordable housing in 12 states, including: California, Colorado, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, Oklahoma, New Mexico, New York, Tennessee and Washington, as well as the U.S. Virgin Islands.
“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,” Christine Cormier, WNC’s vice president of investor relations, said in a company release. “Additionally, 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.”
Overall, WNC has acquired nearly $6.7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands, and has facilitated development of 17 low-income community projects.
WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.
“This continuous support from our partners, and the added support from new investors, is ever appreciated as we endeavor to grow the nation’s existing affordable housing supply, currently far outpaced by demand,” Cormier concluded.