IRVINE, CA-Locally based WNC, a national investor in real estate and community-development initiatives, has closed its 2013 fiscal year with a total of six low-income housing tax-credit funds that raised an aggregate of $348 million in equity. The equity was raised through a mix of multi-investor national, state tax-credit and proprietary funds.

The WNC funds acquired 59 LIHTC properties, providing more than 4,900 units of low-income housing in 25 states. The funds financed the development of a wide variety of properties, including Hope Cottages, which consists of 32 newly constructed single-family homes in Joplin, MO., where tornadoes ravaged the area in 2011; a new, 160-unit community to be constructed for seniors in Honolulu; the rehabilitation of a 207-unit apartment complex for families in a difficult development area in Baton Rouge, LA; and the rehabilitation of 106 units for families in Los Angeles County. The latest fund also includes the resyndication of Old Colony Phase One, a 116-unit family-housing property constructed in Boston in 2011.

According to Michael Gaber, EVP and COO of WNC, “The 2013 fiscal year has been a period of tremendous growth for our company, adding nearly 5,000 units to our acquisition portfolio and welcoming 10 new institutional investors to our funds. Working with a total of 28 investors across six funds, we were able to make thousands of safe affordable-housing units available to working families and seniors throughout the country.”

As GlobeSt.com reported in August, WNC closed WNC Institutional Tax Credit Fund 38 L.P., a $150.5 million institutional low-income housing tax credit (LIHTC) fund. The fund will acquire 24 properties nationally–a mix of family and senior properties, including 15 new construction projects and nine slated for rehabilitation.