IRVINE, Calif., Aug. 23, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 42, L.P. (WNC Corp. 42), a $102 million institutional low-income housing tax credit (LIHTC) fund.
WNC Corp. 42 is estimated to include 1,504 affordable housing units in total, and is comprised of 17 family and senior housing communities scheduled for new construction and rehabilitation. The properties will be located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana, Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and Wisconsin.
“Approximately 28 percent of the projects in WNC Corp. 42 are new construction and will help to expand the nation’s limited stock of affordable housing,” said WNC Senior Vice President of Investor Relations Christine Cormier. “The remaining 72 percent of the fund’s projects include traditional and historical renovation, preserving the desperately needed affordable housing supply currently available to seniors and families in eight states. WNC is proud to continue existing investment partnerships and expand our investor base with this fund, which consists of two economic investors and four CRA (Community Reinvestment Act) investors.”
This is the second national fund and third multi-investor fund WNC has closed in 2016, totaling $329.7 million year-to-date.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.6 billion of assets totaling in excess of 1,300 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.