IRVINE, CA-National investor in real estate and communityrenewal initiatives WNC has closed WNCInstitutional Fund 37, a $124.5-million federallow-income housing tax credit fund. In addition,the firm has closed Hawaii Tax Credits 36-3, aHawaii state tax credit fund, at slightly more than $4.7 million.The combined funds include a total of 10 investors, three of whichare new to WNC, represented by an equal number of banks andinsurance companies.
“WNC Institutional Fund 37 is a national multi-investor fundformed to acquire a diversified portfolio of federal low-incomehousing tax credit properties,” said Will Cooper,Jr., president and CEO of WNC, in a prepared statement.“We were able to reach many parts of the US, including Alaska andHawaii, while exceeding our initial fundraising goal by nearly25%.”
Fund 37 will include nearly 2,000 units of affordablehousing spread across 20 properties in 15 states. Theproperties include senior, family and mixed tenancy, with acombination of new construction and rehabilitation developments.Developers of these properties have completed an average of 22LIHTC projects each.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com 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.
