WNC Closes $100 Million Affordable Housing Fund
March 15 2012 - 2:15PM
Business Wire
WNC & Associates, Inc. (WNC), a national investor in urban
renewal and affordable housing projects, has closed WNC
Institutional Tax Credit Fund 35. The $100 million multi-investor
Low Income Housing Tax Credit (LIHTC) fund will finance 18
affordable housing properties, totaling 1,134 units.
“This fund features a diverse portfolio of properties
strategically located in 11 states,” said Wilfred Cooper, Jr.,
president and CEO of WNC. “Our 40 years in the affordable housing
business allow us to thrive in this competitive market through
partnerships with a broad network of new and repeat developers
throughout the U.S.”
According to Cooper, WNC partnered with 18 different developer
teams for the fund, nine of which were repeat relationships.
The 18-property portfolio encompasses 12 properties for families
and six properties for seniors located in markets throughout all
regions of the continental United States. Nine properties are newly
constructed and nine are rehab properties. Total development costs
are approximately $155 million.
“We have continued to expand our reach by forging important new
relationships,” said Cooper. “This fund was closed with nine new
developer relationships and 50 percent of the capital came from new
investors.”
The fund closed with seven institutional investors, including
five regional and national banks and two national insurance
companies.
WNC has now closed a total of 200 affordable funds since its
founding in 1971. The firm is currently on track to close its next
national fund in July 2012. WNC offers national and state
multi-investor funds, private label funds and New Markets Tax
Credit (NMTC) funds.
About WNC & Associates,
Inc.
WNC & Associates, Inc., founded in 1971 and headquartered in
Irvine, Calif., is a nationwide investment firm specializing in Low
Income Housing Tax Credits and New Market Tax Credits. To date, WNC
has acquired over $5 billion of assets totaling more than 1,050
properties in 45 states. Additionally, WNC has been awarded four
NMTC allocations to date totaling $178 million and has facilitated
development of 15 community renewal 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.