WNC Closes $125M Fund to Acquire Affordable Housing

IRVINE, CA—Locally based WNC, a national investor in real estate and community-development initiatives, has closed WNC Institutional Tax Credit Fund 39 LP, a $125-million institutional low-income housing tax-credit fund. The fund includes six investors and will acquire 25 affordable-housing properties located throughout the country.

WNC Corp. 39 is the second WNC-sponsored LIHTC fund to close this year, representing a total equity raise of $185 million. As GlobeSt.com reported in June, the firm closed WNC Institutional Tax Credit Fund X California Series 12 LP, a $48.5-million institutional low-income housing tax-credit fund. The fund included 11 investors and was set to acquire nine properties in four California counties. With the close of WNC Corp. 39, WNC welcomes two new investors to its LIHTC portfolio.

According to Michael Graber, EVP and COO of WNC, “We are pleased to complete this offering that will deliver additional low-income housing options and preserve existing affordable housing in communities where the demand for such housing continues to outpace supply. For nearly 30 years, the LIHTC program has been among the most successful examples of public/private partnership in our nation's history, and we appreciate the ongoing support of our existing investors and development partners, along with the added commitment from new investors, as we work to increase the inventory of affordable housing nationwide.”

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

Stay tuned to GlobeSt.com for a more in-depth look at the affordable-housing picture in Orange County and nationwide.