WNC closes $144m institutional LIHTC Fund
WNC, a national investor in real estate and community development initiatives, has closed WNC Institutional Tax Credit Fund 43 (WNC Corp 43), a $144 million institutional low-income housing tax credit fund.
WNC Corp 43 includes 23 properties scheduled for new construction and rehabilitation that total 1,771 affordable housing units for families and seniors. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.
“We were also able to add additional affordable housing communities to the fund, at a time when others in the industry were experiencing significant difficulties completing acquisitions under similar circumstances,” said Michael Gaber, WNC executive vice president and COO. “The lack of affordable housing in the United States has reached a crisis level, and we urge all developers and communities to work together to retain and expand the number of quality affordable housing units throughout the nation, just as WNC and our partners are doing with this fund.”
WNC Corp 43 features Fort Des Moines Apartments, a 142-unit adaptive reuse of former barracks and horse stables at Fort Des Moines in Iowa. The property was originally constructed in 1917 and housed the nation’s first African-American officer training school.