IRVINE, CA-WNC, a national investor in real estate and community development initiatives, has closed WNC Institutional Tax Credit Fund 38, L.P., a $150.5 million institutional low-income housing tax credit (LIHTC) fund. The fund will acquire 24 properties nationally–a mix of family and senior properties, including 15 new construction projects and nine slated for rehabilitation.
The properties expected to comprise WNC Institutional Tax Credit Fund 38 will deliver more than 2,100 units of affordable housing in 18 states, increasing the company's acquisition portfolio to nearly 70,000 units nationwide.
“This is the second largest fund in WNC's 42-year history, as well as the second national multi-investor fund this fiscal year, representing more than $275 million,” said Michael Gaber, EVP and chief operating officer of WNC. “WNC Institutional Tax Credit Fund 38 welcomes four new banks to our LIHTC funds, along with six existing insurance company and bank investors to our latest fund.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
