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24 March, 2020

WNC Message to Partners and Stakeholders Regarding COVID-19

March 24, 2020

Dear WNC Partners and Stakeholders:

Considering the current public health crisis related to COVID-19, I’m reaching out to all of you, our partners and stakeholders, to let you know that we at WNC are here to serve you just as we have in the past. That said, nothing is more important than the health and safety of our employees, our residents and our communities. In this regard, please be aware of the following: 

  • Beginning March 16, all our employees began working from home to minimize their exposure to the virus. Except for in-person meetings, WNC is conducting and will continue to conduct all normal business operations. All fund reporting, capital contributions and scheduled closings will continue as planned.
  • We have been conducting internal and external video meetings very successfully, and we even held our first virtual, company-wide meeting last week with 120 of our team members joining via video conference. All our employees are engaged, linked to our networks and available to you via their WNC email address and phone number.
  • With respect to our residents and communities, we are taking COVID-19 very seriously and are communicating with our general partners, management agents and industry trade associations daily to ensure we are current as new developments emerge. In this regard we have drafted and made available a COVID-19 property operation standard with guidelines that management agents can follow to prioritize the health and well-being of residents and their communities.


On a transactional level, I am pleased to announce that we closed our 81st institutional tax credit fund, WNC ITCF 48, on Friday of last week. This $128.5 million fund is investing equity in 18 affordable rental properties in 9 states across the country. The fund includes 8 investors, 7 of which are repeat investors with WNC.  

I think it goes without saying that these are unprecedented times. All of us at WNC remain committed to supporting you throughout this period of uncertainty. We will continue to monitor the situation and keep you apprised of developments as they unfold.

I wish you and your family health and safety.

 

Will Cooper Jr.
President and CEO
WNC & Associates, Inc.