Low-Income Housing Fund Closes With $109M
Six institutional investors participated in the low-income housing fund, which will develop and renovate 1,300 units.
Orange County-based affordable housing investment and development services firm WNC has closed its latest low-income housing tax credit fund. The fund, WNC Corp. 46, closed with commitments from six institutional investors totaling $109 million. The firm plans to develop or renovate 1,300 units throughout the US.
WNC Corp. 46 will fund a total of 15 projects in 10 states, including Arkansas, Connecticut, Kansas, Minnesota, Montana, North Dakota, Nebraska, New Mexico, South Carolina and Texas. These properties will be either family or senior housing.
With this latest closing, WNC has raised a total of $5 billion in equity for affordable housing projects in its 48 years. The firm also works with repeat developers on 89% of its projects, and plans to continue its strong relationships with its development partners.