Real Estate
Home›Real Estate›Industry›WNC closes $210M LIHTC fund for 2,015 affordable renta…
WNC closes $210M LIHTC fund for 2,015 affordable rental units
The WNC Institutional Tax Credit Fund 59, L.P. will back 18 communities across 13 states, combining seven new-construction projects with 11 preservation deals.
HousingWire reports that WNC & Associates has closed a $210 million national Low-Income Housing Tax Credit fund to finance 2,015 affordable units in 18 communities across 13 states.
The fund, WNC Institutional Tax Credit Fund 59, L.P., will invest in communities in Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas.
According to HousingWire, the portfolio includes seven new-construction communities and 11 preservation deals, with two preservation projects involving historic rehabilitations. Five properties will serve seniors, while 13 will provide family housing.
HousingWire added that LIHTC equity is being used to help fill gaps in the capital stack as higher rates, construction costs, and tighter capital markets pressure project feasibility. WNC said the national housing shortage leaves a 7.2 million-home gap in affordable and available rental units for extremely low-income renters.