WNC announced it has closed WNC Institutional Tax Credit Fund 50 LP (WNC Fund 50). The fund raised $176 million in institutional low-income housing tax credit (LIHTC) equity that will be used to develop and renovate more than 2,160 affordable housing units in 16 states. WNC said it is their largest fund to-date.
A total of nine investors participated in WNC Fund 50, which will develop and renovate units for families and seniors at 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas and Wyoming, the company said in a statement. A portion of the units at 13 properties will be set aside to help special needs tenants, including at-risk/formerly homeless individuals, people with physical and mental disabilities, veterans, single parents, persons recovering from chemical dependency, and frail seniors.
“For five decades, WNC’s core mission has been to put a safe, quality and affordable roof over the heads of those in need,” said WNC Executive Vice President of Investor Relations Christine Cormier. “As we near our official 50th anniversary next month, we’re pleased to announce the closing of this fund – our largest institutional LIHTC fund to-date – which raised additional equity to further our core mission.”
