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WNC Closes $210 Million in Institutional LIHTC Funds to Develop and Renovate More Than 1,900 Affordable Housing Units
WNC has closed two institutional low-income housing tax credit (LIHTC) funds, WNC Institutional Tax Credit Fund 47, L.P. (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17, L.P. (CA 17), totaling approximately $210 million in equity. Together, equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the U.S.
WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The closure of the funds brings WNC’s total equity raise since inception to approximately $5.2 billion.
“Given the lack of affordable housing throughout the country, it is essential that we not only add to, but preserve and improve the existing stock, which WNC Corp. 47 and CA17 will accomplish in 25 communities across 12 states,” said WNC Senior Vice President of Investor Relations Christine Cormier. “A testament to the strength of the lasting relationships we form and the quality of developments, WNC has previously partnered with the majority of the project developers and investors in these funds.”
The properties that will be funded by WNC Corp. 47 and CA 17 are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The types of properties include multifamily and senior housing in urban, suburban and rural areas.
A project of note in WNC Corp. 47 is Mason Square Apartments II in Springfield, Massachusetts, which includes the adaptive reuse of two historic buildings – the former Indian Motorcycle manufacturing mill complex originally constructed in 1890, and the Mason Square Fire House, originally constructed in 1920. The project is part of a local area redevelopment program.
Additionally, a project of note in CA 17 is Park Western Estates in Los Angeles County, which includes 112 market rate units that were converted to affordable housing and offers scarce four-bedroom units.