IRVINE, CA—Locally based WNC, a nationalinvestor in real estate and community-development initiatives, hasclosed WNC Institutional Tax Credit Fund 39 LP, a$125-million institutional low-income housing tax-credit fund. Thefund includes six investors and will acquire 25affordable-housing properties located throughoutthe country.


WNC Corp. 39 is the second WNC-sponsoredLIHTC fund to close this year, representing atotal equity raise of $185 million. As reported in June, the firm closedWNC Institutional Tax Credit Fund X California Series 12LP, a $48.5-million institutional low-incomehousing tax-credit fund. The fund included 11 investorsand was set to acquire nine properties in four California counties.With the close of WNC Corp. 39, WNC welcomes two new investors toits LIHTC portfolio.


According to Michael Graber, EVP and COO ofWNC, “We are pleased to complete this offering that will deliveradditional low-income housing options and preserveexisting affordable housing in communities where the demand forsuch housing continues to outpace supply. For nearly 30 years, theLIHTC program has been among the most successful examples ofpublic/private partnership in our nation'shistory, and we appreciate the ongoing support of our existinginvestors and development partners, along with the added commitmentfrom new investors, as we work to increase the inventory ofaffordable housing nationwide.”


WNC Corp. 39 is composed of a variety of affordable-housingcommunities, including 15 family, nine senior and one senior/familymix. Together, they offer 1,684 units of affordable housing in 12states, including Alaska, Arkansas, California, Illinois, Kansas,Minnesota, Mississippi, New Jersey, Oklahoma, South Dakota, Texasand Washington. The 25 properties will consist of a combination ofnew construction and substantially rehabilitated units. Theproperties that are scheduled for rehabilitation will continueWNC's efforts to preserve and maintain the nation's low-incomehousing supply.


Stay tuned to for a more in-depth look at theaffordable-housing picture in Orange County andnationwide.

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Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.