IRVINE, Calif., Sept. 5, 2013 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed its 2013 fiscal year with a total of six low-income housing tax credit funds that raised an aggregate $348 million in equity.
The equity was raised through a mix of multi-investor national, state tax credit and proprietary funds. The WNC funds acquired 59 LIHTC properties, providing more than 4,900 units of low-income housing in 25 states.
"The 2013 fiscal year has been a period of tremendous growth for our company, adding nearly 5,000 units to our acquisition portfolio and welcoming 10 new institutional investors to our funds," said Michael Gaber, Executive Vice President and Chief Operating Officer of WNC. "Working with a total of 28 investors across six funds, we were able to make thousands of safe affordable housing units available to working families and seniors throughout the country. I am extremely proud of our team and their accomplishments throughout the year."
WNC's funds financed the development of a wide variety of properties, including: Hope Cottages, consisting of 32 newly constructed single family homes in Joplin, Mo., where tornadoes ravaged the area in 2011; a new 160-unit community to be constructed for seniors in Honolulu; the rehabilitation of a 207-unit apartment complex for families in a difficult development area in Baton Rouge, La.; and the rehabilitation of 106 units for families in Los Angeles County, Calif. The latest fund also includes the resyndication of Old Colony Phase One, an award winning, 116-unit family housing property constructed in Boston in 2011.
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 $5.9 billion of assets totaling in excess of 1,100 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.