"WNC has devoted more than five decades working to provide residents in need with safe, high-quality and affordable housing," says Christine Cormier, EVP of investor relations at WNC. "We're pleased to announce the closing of this fund, which raised significant equity that will be put to use furthering our core mission to alleviate the significant affordable housing crisis within this country."

WNC expects the fund's properties to create 3,200 jobs. The properties are expected to generate more than $490 million in local income tax and other government revenue. 47% of the 1,873 units are located in difficult to develop areas or qualified census tracts. 42% of the units are located in majority minority tracts, which are comprised of at least 50% minority populations.

The fund will complete projects including the adaptive reuse of a college dormitory for mixed-tenancy, which will offer permanent housing units to 40 young adults aging out of the foster care system. The fund has additionally invested in the development of Knox Residences in Springfield, MA, which is the first of a two-phase project that will convert the former Knox Automobile Co. building into 55 units of family housing.

According to the National Low Income Housing Coalition, in the US, there is a shortage of 6.8 million rental homes that are affordable and available to extremely low-income renters, whose household incomes are at or below the poverty guideline or 30% of their area median income.