Wylie Senior Apartments in Wylie, Texas, is one of the projects included in the funds. Image courtesy of WNC

WNC has closed a pair of institutional low-income housing tax funds: WNC Institutional Tax Credit Fund 55 LP, or Corp 55, and WNC Institutional Tax Credit Fund 10 California Series 20 LP, or CA 20. According to WNC, nine repeat investors participated in Corp 55, while 10 repeat inventors and two new investors piled into CA 20.

Combined, the two funds raised a total of $350 million in equity that will be used to either create or preserve more than 2,100 affordable housing units in several states. The 29 communities involved in the two funds are located across 14 states: Alabama, Alaska, Arizona, California, Connecticut, Iowa, Maine, Massachusetts, Montana, North Carolina, Nebraska, New Hampshire, Texas and West Virginia. According to WNC, some of the units will be set aside for specific populations, including veterans, people who are homeless or at risk of homelessness, people with disabilities, and extremely-low income households.

WNC’s Corp 55 fund raised $220 million with projects located throughout the country, from Los Angeles to Boston. So far, the fund includes an adaptive reuse project called Winterset in Winterset, Iowa, a renovation project of a 13-story historic hotel called Prichard Hotel in West Virginia, and a 20-unit new construction project in Ketchikan, Alaska, named Tongass Townhomes that will offer housing for veteran and homeless populations.

The CA 20 fund’s $130 million will be used to construct 12 properties in California’s Fresno, Imperial, Los Angeles, Monterey, Riverside, Sacramento, San Diego and Solano counties. According to WNC, the CA 20 fund will total 1,340 units, 47 percent of which will be in difficult-to-develop areas and 71 percent of which will be located in majority-minority areas.

A history of affordable housing

The closing of these two latest funds brings WNC’s total equity raised to approximately $17.2 billion since its 1971 founding. While the firm has largely invested in affordable housing communities across the U.S., it is also known for tax credit syndication, community preservation services and private equity fund management.

Prior to its Corp 55 Fund, WNC closed its WNC Institutional Tax Credit Fund 54 LP earlier this year. That fund raised $172.8 million for the construction or preservation of 1,331 affordable housing units across 14 properties.

The post WNC Closes 2 Funds Totaling $350M appeared first on Multi-Housing News.

Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com