IRVINE, CA—WNC, a national investor in real estate and community development initiatives, has closed WNC Institutional Tax Credit Fund 41, L.P. (WNC Corp. 41), a $114.7 million institutional low-income housing tax credit (LIHTC) fund.
Estimated to include 1,674 affordable housing units in total, WNC Corp. 41's portfolio is comprised of 24 family and senior housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states, including Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.
"WNC Corp. 41 is comprised of approximately equal amounts of new construction and rehabilitation projects, helping to not only deliver additional units to those in need, but to also preserve existing units in our nation's already limited supply," said WNC senior vice president of investor relations, Christine Cormier. "In addition, this fund includes approximately 93 percent repeat development partners, which speaks volumes to the success of the LIHTC program over the course of three decades. We are thrilled to continue our partnerships that pursue the growth of the nation's existing affordable housing supply, and look forward to partnering with new developers in our quest."
WNC, founded in 1971 and headquartered in Irvine, is a national investor in real estate and community development initiatives, as well as a leading investor in LIHTC. WNC has acquired more than $7 billion of assets totaling in excess of 1,225 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.
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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.
