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Christine Cormier Christine Cormier

WNC has closed its Institutional Tax Credit Fund 44 with $135 million in commitments. The fund, which provided tax credits for low-income family and senior housing across the country, originally targeted $100 million in commitments, exceeding its initial fund raising goals. Additionally, the fund had a higher number of economically motivated investors, as a result of the fund’s healthy returns. Tax Credit Fund 44 currently has 24 projects located in 18 states across the country.

“We originally had a target for the fund at $100 million, so we exceeded what we expected by $35 million,” Christine Cormier, SVP of investor relations at WNC, tells GlobeSt.com. “70% of the investors were economic investors, so they invest for yield, and 30% of the investors were banks. The banks have a mandate to do community reinvestment, which means they need to invest dollars into the areas where they have deposits. The mix is typically 50-50.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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