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.
2017
WNC closes California Preservation Equity Fund (cash-on-cash fund)
2021
WNC celebrates 50th anniversary.