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WNC Raises $128.5 Million for Institutional LIHTC Fund to Develop and Renovate More Than 1,600 Affordable Housing Units
WNC has closed WNC Institutional Tax Credit Fund 48, L.P. (WNC Corp. 48), which raised $128.5 million in institutional low-income housing tax credit (LIHTC) equity. The equity will be used to develop and renovate more than 1,600 affordable housing units in nine U.S. states.
“Quality, reliable affordable housing plays a significant role in keeping our community safe and healthy, and WNC is encouraged that our investors continue to support those in need despite current events sweeping our nation,” said WNC Senior Vice President of Investor Relations Christine Cormier. “Just over 90 percent of the developers in this fund are companies that we have collaborated with before, which is a testament to the quality of WNC’s projects and long-standing relationships.”
The completion of WNC Corp. 48 brings WNC’s total equity raise since inception to $5.4 billion. A total of eight investors participated in WNC Corp. 48, which will fund the development and preservation of 18 veteran, family and senior affordable housing communities. The properties are located in Arkansas, California, Connecticut, Iowa, Louisiana, Montana, South Dakota, Tennessee and Texas.
Funds from WNC Corp. 48 will be used to help construct Wiyaka Sakpe, a 36-unit affordable housing community located on the Cheyenne River Sioux Reservation in Eagle Butte, South Dakota. Upon completion, the community will provide residents with social services that include veteran support and case management, and other services related to nutrition, education and employment, health and childhood development, among others.
The fund will also help construct Emerson Apartments in Los Angeles, which will provide 39 low-income housing units for families and veterans. An approved Transit Oriented Community, the property’s location is proximate to rapid bus lines and a Metrolink station.