History

Established in 1971

We’ve been a leader in the affordable housing industry throughout its history, spending much of that time making the history. Our success always has been based on our ability to recognize new opportunities and capitalize on them quickly, helping our partners create communities across the country with the needed affordable housing and commercial developments.

1968 President Johnson signs Housing and Urban Development Act, creating incentives for developing affordable housing.
1971 WNC founded and closes first affordable housing fund. Investors receive tax deductions.
1982 WNC closes first "two-tier" fund structure now used throughout the industry.
1983 WNC closes first SEC-registered fund in affordable housing.
1986 Congress passes Tax Reform Act, creating the Low-Income Housing Tax Credit (LIHTC).
1987 WNC closes 22 transactions in the first full year of the LIHTC program.
1988 California creates first state tax credit program. WNC closes seven CA tax credit funds in the first year of the state program.
1993 President Clinton signs into law the Revenue Reconciliation Act of 1993, making LIHTC permanent.
1994 WNC closes first institutional fund.
1997 WNC portfolio reaches $1 billion.
2000 WNC closes its first in a series of 23 NY and CA state Community Reinvestment Act (CRA) funds.
2002 WNC receives $50 million New Markets Tax Credit (NMTC) award in the first year of the program.
2008 WNC receives its 3rd NMTC allocation.
2011 WNC celebrates 40th anniversary; receives fourth NMTC allocation.
2015 WNC portfolio reaches $7 billion.
2016 WNC celebrates 45th anniversary, closes California Preservation Equity Fund (cash-on-cash fund).