WNC Closes $176 Million Institutional LIHTC Fund to Build and Rehabilitate More Than 2,160 Affordable Housing Units
WNC has closed WNC Institutional Tax Credit Fund 50 LP (WNC Fund 50). The fund raised $176 million in institutional low-income housing tax credit (LIHTC) equity that will be used to develop and renovate more than 2,160 affordable housing units in 16 states.
A total of nine investors participated in WNC Fund 50, which will develop and renovate units for families and seniors at 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas and Wyoming. A portion of the units at 13 properties will be set aside to help special needs tenants, including at-risk/formerly homeless individuals, people with physical and mental disabilities, veterans, single parents, persons recovering from chemical dependency, and frail seniors.
“For five decades, WNC’s core mission has been to put a safe, quality and affordable roof over the heads of those in need,” said WNC Executive Vice President of Investor Relations Christine Cormier. “As we near our official 50th anniversary next month, we’re pleased to announce the closing of this fund – our largest institutional LIHTC fund to-date – which raised additional equity to further our core mission.”
WNC Fund 50 includes six new development partners for WNC. Among the projects within the fund is a 96-unit affordable seniors housing project, Perennial Senior, which will be constructed for ages 55+ in Bozeman, Montana. The new development will feature an onsite healthcare facility that has been pre-leased to Community Health Partners, a local non-profit organization. Additionally, in Plattsmouth, Nebraska, a historic high school building will be refitted to construct 41 units of family affordable housing.
The completion of WNC Fund 50 brings WNC’s total equity raise since inception to approximately $5.9 billion, which has helped develop and renovate more than 96,000 affordable housing units across the country. To-date, the firm has acquired approximately $13 billion of assets in 47 states, Washington D.C. and the U.S. Virgin Islands.
According to the Affordable Housing Tax Credit Coalition, there is a shortage of 7.1 million affordable housing homes available to rent for households making 50 percent or below of their area’s median income level.