6 senior living properties included in $102 million WNC affordable housing fund
WNC Institutional Tax Credit Fund 42 L.P. (WNC Corp. 42), a $102 million institutional low-income housing tax credit fund, has closed, WNC & Associates Inc. has announced.
The fund includes six senior living communities with a total of 287 units. Two are located in Louisiana and one community each is located in Arkansas, California, Iowa and Minnesota, a WNC representative told McKnight's Senior Living.
Overall, WNC Corp. 42 is estimated to include 1,504 affordable housing units and is comprised of 17 family and senior housing communities scheduled for new construction and rehabilitation. Additional states where the properties will be located include Idaho, Massachusetts, New Jersey, South Dakota, Tennessee, Texas and Wisconsin.
“Approximately 28% of the projects in WNC Corp. 42 are new construction and will help to expand the nation's limited stock of affordable housing,” said Christine Cormier, WNC senior vice president of investor relations. “The remaining 72% of the fund's projects include traditional and historical renovation, preserving the desperately needed affordable housing supply currently available to seniors and families in eight states.”
The fund consists of two economic investors and four Community Reinvestment Act investors, representing existing investment partnerships as well as an expanded investor base.
WNC also closed another national fund and two other multi-investor funds this year. All funds closed this year total $329.7 million, according to the company.