WNC Raises $118 Million of Proprietary LIHTC Equity to Develop and Renovate 945 Affordable Housing Units During 2022
WNC has successfully raised approximately $118 million in 2022 via single-investor (“proprietary”) institutional low-income housing tax credit (“LIHTC”) funds. The funds raised have been deployed to develop and renovate 945 affordable housing units for families and seniors in nine states including Alabama, Alaska, California, Colorado, Georgia, Kansas, Massachusetts, Oregon and Texas. Of the $118 million raised in 2022, $57.7 million was raised in the fourth quarter.
“The U.S. is in the midst of an affordable housing crisis, with a current shortage of seven million rental homes available to extremely low-income households with shortfalls in every state and major metropolitan area,” said WNC Executive Vice President of Investor Relations Christine Cormier. “For more than five decades, WNC has worked alongside investment partners to provide safe, high quality, and affordable housing, and the closing of these funds has raised the equity we need to further our mission.
Notable developments funded in 2022 include properties in Eagle River, Alaska; Bel Aire, Kansas; and Boston, Massachusetts. The Eagle River development is approximately 17 miles northeast of downtown Anchorage and will serve both the nearby military facility, Joint Base Elmendorf-Richardson, and as a business hub between Wasilla and Anchorage. The Bel Aire development, located approximately 10 miles north of Wichita, is the first of a three-phase community targeting seniors that will include social services and participation in the “Beef for Seniors” food distribution program. The development located in the Fenway neighborhood of Boston is LEED Silver certified and will utilize high efficiency building systems including windows, mechanical equipment, plumbing fixtures, lighting fixtures and appliances while various services will include job placement assistance, financial literacy and money management workshops, as well as various other referral services related to housing, education, jobs, health and finances.