WNC has closed WNC Institutional Tax Credit Fund 40, L.P. (WNC Corp. 40), a $126.8 million institutional low-income housing tax credit (LIHTC) fund. To date, the fund has 17 properties under contract throughout the nation for an aggregate total of $123 million.
WNC Corp. 40’s portfolio is comprised of a mix of affordable housing communities, including 13 family and four senior housing properties. Combined, the properties offer nearly 1,500 units of affordable housing in 12 states, including: California, Colorado, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, Oklahoma, New Mexico, New York, Tennessee and Washington, as well as the U.S. Virgin Islands.
“The properties that comprise WNC Corp. 40 consist of a combination of approximately 450 new affordable housing units that will be delivered to families and seniors in need, and preserve nearly 1,000 existing affordable housing units in our nation’s supply,” said WNC Senior Vice President of Investor Relations, Christine Cormier. “Additionally, this fund consists of 72 percent repeat development partners, and nearly 80 percent repeat investment partners, further demonstrating the success of the LIHTC program throughout the past 30 years. This continuous support from our partners, and the added support from new investors, is ever appreciated as we endeavor to grow the nation’s existing affordable housing supply, currently far outpaced by demand.”
