New WNC Fund to Develop 1,950 Affordable Housing Units
The properties that will be funded by WNC Corp. 45 are located in: Alaska, Arkansas, Arizona, California, Iowa, Maine, Minnesota, Mississippi, New Jersey, New Mexico, Tennessee and Texas.
IRVINE, CA—Locally-based investment and asset management firm WNC has closed its $150-million institutional tax credit fund that it says will harness the development and renovation of more than 1,950 affordable housing units across the US.
The WNC Institutional Tax Credit Fund 45, L.P, according to WNC SVP of investor relations Christine Cormier, “will help develop and renovate 26 affordable housing communities in 12 states where the demand for these homes far outpace the available supply.”
The properties that will be funded by WNC Corp. 45 are located in: Alaska, Arkansas, Arizona, California, Iowa, Maine, Minnesota, Mississippi, New Jersey, New Mexico, Tennessee and Texas.
Among the properties within WNC Corp. 45 slated for funding is the historic renovation and rehabilitation of the Hotel Maytag in the Des Moines, IA suburb of Newton. Originally built in 1926 by Maytag Corp. founder Frederick Louis Maytag I, the historic property will be converted into 45 units of affordable housing, the company states.
The WNC Corp. 45 fund includes five repeat investors as well as one new investor. WNC has acquired more than $9.1 billion of assets totaling in excess of 1,375 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.
Back in April, WNC 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.