The Costa Mesa-based WNC is a leading developer of affordable housing using longstanding federal tax credits for such developments. The NMTC credits, created under the federal Community Renewal Tax Act of 2000, differs from the older, housing-oriented program in that the new credits are designed to generate financing for a variety of businesses located in low-income communities.

WNC says it plans to use the tax credit line to raise funds that it will invest as debt and equity in commercial, industrial and retail real estate, such as manufacturing facilities, inner city shopping centers and retail stores. The investors who buy the tax credits from WNC will in turn receive seven years of credits against their income, resulting in a dollar-for-dollar reduction of their federal tax liability.

WNC, a diversified development and investment company specializing in tax credit investments, was awarded the NMTC credits for a multi-state region that includes California, New Jersey and the Bronx, Kings, New York, Putnam, Queens, Richmond and Rockland counties in New York.

WNC was one of 66 applicants to receive an allocation of the new tax credits. Some 345 development entities throughout the country competed for this year's awards totaling $2.5 billion in tax credits. Will Cooper Jr., WMC president, says the new program will function much like the existing tax credit program for low-cost housing. He says it will provide "an incentive for the private sector to invest in America's communities." Unlike the housing credit, NMTC is based on the amount of capital invested not the cost of construction.

WNC & Associates Inc., founded in 1971, is among the 10 largest owners of affordable housing in the nation and the industry's fourth largest, privately held operation. Its portfolio consists of $1.6 billion of real estate assets.