WNC Closes Three Funds, Raises $255 Million in Institutional LIHTC Equity to Develop and Renovate More Than 2,300 Affordable Housing Units
WNC has closed three institutional low-income housing tax credit (LIHTC) funds totaling approximately $255 million in equity. The funds include WNC Institutional Tax Credit Fund 51, L.P. (Corp 51), WNC Institutional Tax Credit Fund 10 California Series 19 L.P. (CA 19) and a Northwest Arkansas-focused fund.
Corp 51 raised $132 million in equity; CA 19 raised $79.9 million in equity; and the Northwest Arkansas fund raised $44 million in equity. The closure of the funds brings WNC’s total equity raise since inception to approximately $13.9 billion.
“WNC celebrated its 50th anniversary this year, and we are thankful to our investment partners who help us continue our unwavering mission to put safe, dependable and affordable roofs over the heads of the many who are in need throughout the United States,” said WNC Executive Vice President of Investor Relations Christine Cormier. “These funds will help protect the already insufficient stock of affordable housing through renovations, and construct additional units that are so readily needed.”
Equity from the funds will be used to construct and rehabilitate more than 2,300 affordable housing units in Alaska, Arkansas, California, Georgia, Maine, North Carolina, North Dakota, New Hampshire, Oregon, South Carolina, Tennessee, Texas and Washington. The properties include multifamily and senior housing in urban, suburban and rural areas.
The Northwest Arkansas fund is believed to be the first south central single-state fund in the LIHTC industry. The fund is structured to construct six affordable housing properties in Northwest Arkansas.
Equity from CA-19 will be used to construct Courtyard Studios, the first affordable micro-studio housing development in Sacramento, California. The downtown project includes 57 micro-studio units.
Additionally, equity from Corp 51 will help the construction of WNC’s first project in New Hampshire, River Turn Woods Phase I near the White Mountain National Forest.
An additional project of note is the adaptive reuse of a former hospital and maternity ward of the Maine State Reformatory for Women, originally constructed in 2016, into Mary Street Apartments in Skowhegan.