WNC Closes $153 Million Institutional Tax Credit Fund to Build and Rehabilitate More than 1,600 Affordable Housing Units
WNC has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49). The fund raised $153 million in institutional low-income housing tax credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units in 13 states.
A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, Nevada, Texas, Washington, Wisconsin and Wyoming.
“Affordable housing is a mission that stands tall in any economy, but we couldn’t be more pleased to close this fund despite the current pandemic concerns nationwide,” said WNC Senior Vice President of Investor Relations Christine Cormier. “The closing of WNC Fund 49 is strong evidence of both our investor and development partners’ confidence in, and commitment to, WNC.”
WNC Fund 49 also includes six new development partners for WNC. Among the projects within the fund is a 20-unit family housing development that will be located in Owyhee, Nevada, on the Duck Valley Shoshone-Paiute Indian Reservation. Additionally, a 56-unit housing development will be constructed in Grand Rapids, Minnesota, with four units set aside for those who were formerly homeless. A 105-unit family community will also be constructed in Coachella, California, with 10 units set aside for those who are developmentally disabled.
The completion of WNC Fund 49 brings WNC’s total equity raise since inception to more than $5.7 billion, which has helped develop and renovate more than 91,000 affordable housing units across the country. To-date, the firm has acquired approximately $10.9 billion of assets in 47 states, Washington D.C. and the U.S. Virgin Islands.
According to the National Low Income Housing Coalition, the United States needs 7.2 million more units of affordable and available housing than it currently has for extremely low income families. The coalition also reports that research shows that the shortage of affordable housing costs the American economy approximately $2 trillion per year in lower wages and productivity.