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For Immediate Release

WNC Closes 37th Private Fund

Retail Fund Signals Return to Individual Market

WNC has closed its 37th private fund, WNC Tax Credits 37, LLC. Its closure signals the re-entry of the 39-year old affordable housing and tax credit company into the individual tax credit fund market.

“The ecomomics have changed and tax credit funds for accredited individuals are once again possible,” remarked Vice President and National Sales Manager Ralph Magnus. “For the first time in history, low-income housing tax credits can now reduce AMT, thanks to the Housing and Economic Recovery Act of 2008.”

The economic changes which made possible the reintroduction of a private fund product also opens possibilities for developers. The projects which were supplemented for WNC Tax Credits 37, Kilkenny Senior Housing and New Mexico Multi-Family 2007 Partnership, were smaller/rural developments which are not typically favored by institutional investors. With current funding difficulties many smaller projects are struggling to find prospective investors; a private fund with individual investors broadens the type of projects which can be considered for placement into a fund.