Services

A Foundation of Expertise

The enduring relationships we build with our developers and investors rest on a foundation of expert, responsive service. From the initial investment through the life of the transaction, we provide our partners with all the assistance they need.

LIHTC

Providing developers with access to equity capital while offering investors the benefits of Low-Income Housing Tax Credits

Preservation Equity Funds

Preserving existing, affordable rental housing for low- to moderate-income residents while seeking cash flow and real estate appreciation returns to CRA and yield oriented investors

Investment Management

Offering a full range of services designed to minimize risk while maximizing performance

Property Disposition

Transitioning property out of the portfolio at the conclusion of the credit and compliance period

Preservation/ Development

Recapitalizing, rehabilitating and preserving aging affordable-housing portfolios, through the work of Community Preservation Partners, a WNC Company

Helping build affordable housing through Low-Income Housing Tax Credits is our specialty. We’ve been doing it since the first allocation of credits back in 1987, when we closed 22 acquisitions.

 

Working With Developers Nationwide, Repeatedly

Over the years, we’ve served as equity partners to more than 400 developers on projects nationwide. Between 60 and 80 percent of our investments are with developers with whom we’ve built lasting relationships.

There’s a reason for this — developers know we have the ability to understand complex transactions with the experience and flexibility to close them quickly.

 

A Veteran Team

Our ability to close rests on our long experience in affordable housing. We bring more than four decades of expertise to tax-credit properties. Our Syndications team of originators and underwriters are experts in structuring, tax and closing your LIHTC transaction.

 

Broad Access to Capital

We also bring relationships with more than 19,500 institutional and retail investors to our investments. We provide hundreds of millions of dollars for affordable housing development annually.

As with developers, our success with investors is based on the enduring partnerships we’ve developed. More than 90 percent of the capital we raise is from those we’ve worked with previously.

In too many communities across the nation, American’s are struggling to afford a place to live. More than 20 million renter households – including working families, seniors, and veterans – spend over 30% of their income on rent. More than half of these households spend more than 50% of their income on rent.

In short, the demand for affordable rental units far outstrips supply, and the problem is getting worse because we are losing approximately 100,000 affordable rental units each year due to demolition, conversion to market rate apartments, condos and commercial use.

To address this crisis, WNC launched its Preservation Equity Funds (PEF) with a mission to preserve existing, affordable rental housing for low- to moderate-income residents while seeking cash flow and real estate appreciation returns to CRA and yield oriented investors.

PEF acquires existing affordable rental properties that are renting to tenants making 80% (in the aggregate) or less of area median income, including:

  • LIHTC apartments that have completed or substantially completed their 10-year tax credit period;
  • Project-based Section 8 apartments and/or apartments with Section 8 vouchers holders
  • Stand-alone (non-LIHTC) properties that meet the Fund’s 80% aggregate income test

 

Flexible Acquisition Vehicle

Not every affordable apartment owner is a fee-simple seller. Most developers and general partners would like to remain owners but need capital to buy out their partners. PEF offers creative equity solutions to buy-out limited partners, general partners and/or joint venture partners. In these situations, the objective of PEF is to provide shorter-term equity capital (3 to 7 years) as a bridge to long-term preservation of affordable housing.  PEF can structure its investments in a variety of ways that allow would-be sellers to monetize their equity with the option of remaining an owner.  In turn, the owner can re-invest into more affordable housing.  Win-win.

Unmatched Platform

The Preservation Equity Fund is backed by WNC’s 48-year track record in affordable housing which includes $9.5 billion of acquisitions in 47 states across the county.  Investors in WNC’s PEF benefit from well-established underwriting and asset management teams that have a unique blend of affordable housing and real estate private equity experience.

For more information on WNC’s Preservation Equity Funds, please contact the following:

General Partners/Owners/Brokers
Ann Caruana
SVP – Acquisitions Preservation Equity Funds
acaruana@wncinc.com
714-662-5565 ext. 177

Investors
Christine Cormier
SVP – Investor Relations
WNC & Associates, Inc.
ccormier@wncinc.com
603-888-4910

 

When we work with investors, our job is to minimize risk while maximizing performance. We provide a broad range of specialized and highly effective investment management services.

Our services are overseen by one of the most experienced teams in the industry. Our senior managers average 23 years of industry experience and 16 years with our firm. They lead a team of more than 90 professionals in 12 states.

 

Asset Management

As one of the largest owners of affordable housing in the United States, we’ve developed systems to ensure strict supervision of every property in our portfolio.

Our supervision is frequent and thorough, beginning when a property is purchased and continuing through all phases of development: construction, preleasing, leasing, and stabilized operations.

Working from our headquarters in Irvine, California, and nine regional offices across the country, we meticulously track the performance of every property, monitoring cash flows and more than 100 other key operating elements.

Most importantly, we ensure strict compliance with LIHTC rules, avoiding any recapture of tax credits.

 

Fund Management

The focus of our Fund Management department is communicating with our investor partners regarding the performance of their portfolio and delivering the promised yield, while keeping a close eye on all aspects of tracking and reporting.

 

Structured Assets Group

Our Structured Asset Group focuses on repositioning distressed properties. Our professional team closely monitors property operations, creates workout plans, makes disposition recommendations and works with outside experts when needed.

 

Accounting

The 13 professionals in our Accounting department prepare upper-tier fund audits and quarterly financials while overseeing lower-tier audits from outside firms.

 

Syndications/Investor Relations

The primary point of contact for our investors, our Syndications/Investor Relations Group, works closely with Fund Management to provide ongoing communication with institutional and retail investors. The group is also responsible for syndication of new funds, including fund pro forma analysis and structuring.

Timely Sales

We’re always searching for opportunities in the affordable housing market. That includes not only acquisitions, but well-timed dispositions. We focus on transitioning the property out of the portfolio at the conclusion of the tax credit and/or compliance period.

 

Thorough Vetting

All dispositions receive careful scrutiny by our Dispositions Committee, made up of the most senior members of our company. The membership has an average of 23 years of LIHTC experience and 18 years with WNC.

 

Frequent Activity

With a portfolio of more than 1,400 properties, we make dispositions on a regular basis. In 2019, we sold 36 properties, and we expect to sell seven funds.

CPP – A Company Dedicated to Preservation

In addition to assisting in new development of affordable housing, we work hard to preserve existing portfolios. This effort is led by Community Preservation Partners (CPP), a company we established in 2004.

CPP’s mission is to recapitalize, rehabilitate and preserve aging affordable housing portfolios, offering practical solutions to complex challenges facing housing authorities, nonprofits and investors.

Since its founding, it has successfully acquired, developed and rehabilitated more than 7,200 affordable multifamily housing units across the country.

 

A Variety of Roles

CPP provides assistance to owners of existing portfolios in three ways:

It can serve as a buyer, purchasing the property or interests from owners seeking an exit strategy for their investment.

It can work as a developer, taking on the financial risk for the owner, navigating the project through the various regulations and state agencies, ensuring a successful transaction, and delivering a renovated and recapitalized asset to the owner.

And, CPP can work as a consultant, offering advice on recent changes affecting low-income housing tax credits while providing detailed cost analysis, financial pro formas, debt and equity structuring and other financial services.

 

Learn More

Visit the Community Preservation Partners website.

Select Service:

Helping build affordable housing through Low-Income Housing Tax Credits is our specialty. We’ve been doing it since the first allocation of credits back in 1987, when we closed 22 acquisitions.

 

Working With Developers Nationwide, Repeatedly

Over the years, we’ve served as equity partners to more than 400 developers on projects nationwide. Between 60 and 80 percent of our investments are with developers with whom we’ve built lasting relationships.

There’s a reason for this — developers know we have the ability to understand complex transactions with the experience and flexibility to close them quickly.

 

A Veteran Team

Our ability to close rests on our long experience in affordable housing. We bring more than four decades of expertise to tax-credit properties. Our Syndications team of originators and underwriters are experts in structuring, tax and closing your LIHTC transaction.

 

Broad Access to Capital

We also bring relationships with more than 19,500 institutional and retail investors to our investments. We provide hundreds of millions of dollars for affordable housing development annually.

As with developers, our success with investors is based on the enduring partnerships we’ve developed. More than 90 percent of the capital we raise is from those we’ve worked with previously.

In too many communities across the nation, American’s are struggling to afford a place to live. More than 20 million renter households – including working families, seniors, and veterans – spend over 30% of their income on rent. More than half of these households spend more than 50% of their income on rent.

In short, the demand for affordable rental units far outstrips supply, and the problem is getting worse because we are losing approximately 100,000 affordable rental units each year due to demolition, conversion to market rate apartments, condos and commercial use.

To address this crisis, WNC launched its Preservation Equity Funds (PEF) with a mission to preserve existing, affordable rental housing for low- to moderate-income residents while seeking cash flow and real estate appreciation returns to CRA and yield oriented investors.

PEF acquires existing affordable rental properties that are renting to tenants making 80% (in the aggregate) or less of area median income, including:

  • LIHTC apartments that have completed or substantially completed their 10-year tax credit period;
  • Project-based Section 8 apartments and/or apartments with Section 8 vouchers holders
  • Stand-alone (non-LIHTC) properties that meet the Fund’s 80% aggregate income test

 

Flexible Acquisition Vehicle

Not every affordable apartment owner is a fee-simple seller. Most developers and general partners would like to remain owners but need capital to buy out their partners. PEF offers creative equity solutions to buy-out limited partners, general partners and/or joint venture partners. In these situations, the objective of PEF is to provide shorter-term equity capital (3 to 7 years) as a bridge to long-term preservation of affordable housing.  PEF can structure its investments in a variety of ways that allow would-be sellers to monetize their equity with the option of remaining an owner.  In turn, the owner can re-invest into more affordable housing.  Win-win.

Unmatched Platform

The Preservation Equity Fund is backed by WNC’s 48-year track record in affordable housing which includes $9.5 billion of acquisitions in 47 states across the county.  Investors in WNC’s PEF benefit from well-established underwriting and asset management teams that have a unique blend of affordable housing and real estate private equity experience.

For more information on WNC’s Preservation Equity Funds, please contact the following:

General Partners/Owners/Brokers
Ann Caruana
SVP – Acquisitions Preservation Equity Funds
acaruana@wncinc.com
714-662-5565 ext. 177

Investors
Christine Cormier
SVP – Investor Relations
WNC & Associates, Inc.
ccormier@wncinc.com
603-888-4910

 

When we work with investors, our job is to minimize risk while maximizing performance. We provide a broad range of specialized and highly effective investment management services.

Our services are overseen by one of the most experienced teams in the industry. Our senior managers average 23 years of industry experience and 16 years with our firm. They lead a team of more than 90 professionals in 12 states.

 

Asset Management

As one of the largest owners of affordable housing in the United States, we’ve developed systems to ensure strict supervision of every property in our portfolio.

Our supervision is frequent and thorough, beginning when a property is purchased and continuing through all phases of development: construction, preleasing, leasing, and stabilized operations.

Working from our headquarters in Irvine, California, and nine regional offices across the country, we meticulously track the performance of every property, monitoring cash flows and more than 100 other key operating elements.

Most importantly, we ensure strict compliance with LIHTC rules, avoiding any recapture of tax credits.

 

Fund Management

The focus of our Fund Management department is communicating with our investor partners regarding the performance of their portfolio and delivering the promised yield, while keeping a close eye on all aspects of tracking and reporting.

 

Structured Assets Group

Our Structured Asset Group focuses on repositioning distressed properties. Our professional team closely monitors property operations, creates workout plans, makes disposition recommendations and works with outside experts when needed.

 

Accounting

The 13 professionals in our Accounting department prepare upper-tier fund audits and quarterly financials while overseeing lower-tier audits from outside firms.

 

Syndications/Investor Relations

The primary point of contact for our investors, our Syndications/Investor Relations Group, works closely with Fund Management to provide ongoing communication with institutional and retail investors. The group is also responsible for syndication of new funds, including fund pro forma analysis and structuring.

Timely Sales

We’re always searching for opportunities in the affordable housing market. That includes not only acquisitions, but well-timed dispositions. We focus on transitioning the property out of the portfolio at the conclusion of the tax credit and/or compliance period.

 

Thorough Vetting

All dispositions receive careful scrutiny by our Dispositions Committee, made up of the most senior members of our company. The membership has an average of 23 years of LIHTC experience and 18 years with WNC.

 

Frequent Activity

With a portfolio of more than 1,400 properties, we make dispositions on a regular basis. In 2019, we sold 36 properties, and we expect to sell seven funds.

CPP – A Company Dedicated to Preservation

In addition to assisting in new development of affordable housing, we work hard to preserve existing portfolios. This effort is led by Community Preservation Partners (CPP), a company we established in 2004.

CPP’s mission is to recapitalize, rehabilitate and preserve aging affordable housing portfolios, offering practical solutions to complex challenges facing housing authorities, nonprofits and investors.

Since its founding, it has successfully acquired, developed and rehabilitated more than 7,200 affordable multifamily housing units across the country.

 

A Variety of Roles

CPP provides assistance to owners of existing portfolios in three ways:

It can serve as a buyer, purchasing the property or interests from owners seeking an exit strategy for their investment.

It can work as a developer, taking on the financial risk for the owner, navigating the project through the various regulations and state agencies, ensuring a successful transaction, and delivering a renovated and recapitalized asset to the owner.

And, CPP can work as a consultant, offering advice on recent changes affecting low-income housing tax credits while providing detailed cost analysis, financial pro formas, debt and equity structuring and other financial services.

 

Learn More

Visit the Community Preservation Partners website.