WNC, an Irvine, Californina-based provider of investment, asset management and development services in the affordable housing industry, has closed two institutional low-income housing tax credit (LIHTC) funds totaling approximately $350 million in equity.
WNC closed WNC Institutional Tax Credit Fund 55, L.P. (Corp 55), which raised $220 million in equity, and WNC Institutional Tax Credit Fund 10 California Series 20 L.P. (CA 20), which raised $130 million in equity. Equity from the funds will be used to construct and rehabilitate more than 2,100 affordable housing units across 29 properties in 14 states. Some of the units are set aside for special populations, including veterans, homeless or those at risk of homelessness, people with disabilities and extremely low-income households.
The closure of the funds brings WNC’s total equity raise since inception to approximately $17.2 billion.
“WNC remains focused on our mission to provide safe, high-quality and affordable housing options to residents in need across the United States, and the completion of two funds totaling $350 million in this economic environment speaks volumes about our investors’ belief in us and our mission,” said WNC Executive Vice President of Investor Relations Christine Cormier. “We are pleased to ultimately provide 2,100 new affordable housing options through renovations and new construction.”