IRVINE, Calif., Aug. 11, 2014 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 39, LP (WNC Corp. 39), a $125 million institutional low-income housing tax credit (LIHTC) fund. The fund, which includes six investors, will acquire 25 properties located throughout the nation.
WNC Corp. 39 is comprised 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.
"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," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "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 the second WNC-sponsored LIHTC fund to close in 2014, representing a total equity raise of $185 million. With the close of the fund, WNC welcomes two new investors to its LIHTC portfolio.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $6.3 billion of assets totaling in excess of 1,200 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.