WNC Raises $350 Million in Institutional LIHTC Equity to Develop and Renovate More Than 2,100 Affordable Housing Units in 14 States
WNC has closed two institutional low-income housing tax credit (LIHTC) funds totaling approximately $350 million in equity.
WNC closed WNC Institutional Tax Credit Fund 55, L.P. (Corp 55), which raised $220 million in equity, and WNC Institutional Tax Credit Fund 10 California Series 20 L.P. (CA 20), which raised $130 million in equity. The closure of the funds brings WNC’s total equity raise since inception to approximately $17.2 billion.
“WNC remains focused on our mission to provide safe, high-quality and affordable housing options to residents in need across the United States, and the completion of two funds totaling $350 million in this economic environment speaks volumes about our investors’ belief in us and our mission,” said WNC Executive Vice President of Investor Relations Christine Cormier. “We are pleased to ultimately provide 2,100 new affordable housing options through renovations and new construction.”
Equity from the funds will be used to construct and rehabilitate more than 2,100 affordable housing units across 29 properties in Alabama, Alaska, Arizona, California, Connecticut, Iowa, Maine, Massachusetts, Montana, North Carolina, Nebraska, New Hampshire, Texas and West Virginia. Some of the units are set aside for special populations, including veterans, homeless or those at risk of homelessness, people with disabilities and extremely low-income households. The properties in WNC Corp 55 will create approximately 2,600 jobs and $396 million in expected wages and tax revenue.
Properties within WNC Fund 55 includes coast-to-coast coverage from Los Angeles, California, to Boston, Massachusetts. Notable projects within the fund include Winterset, Prichard Hotel and Tongass Townhomes. Originally built in 1921, Winterset is an adaptive reuse project located in Winterset, Iowa. The concrete and wood flooring and theater will be preserved, while window treatments and project repairs will help restore the historic character of the building. Prichard Hotel, a 13-story historic hotel built in 1925, is located in the Downtown Huntington Historic District in West Virginia, which renovation efforts are expected to help revitalize. Tongass Townhomes, a 20-unit, new construction property in the popular cruise ship destination of Ketchikan, Alaska, offers housing options for veterans and the homeless.
Equity from CA 20 will be used to construct 12 properties in California’s Fresno, Imperial, Los Angeles, Monterey, Riverside, Sacramento, San Diego and Solano Counties. The fund will create approximately 2,150 jobs and nearly $329 million in expected wages and tax revenue. Out of CA 20’s 1,340 units, 47 percent are located in difficult to develop areas and/or qualified census tracts and 71 percent are located in majority minority tracts.