Real estate investment firm WNC announced Tuesday that it has closed on its latest institutional tax credit fund, raising $176 million in low-income housing tax credit equity that will be used to develop and renovate more than 2,160 affordable housing units in 16 states for older adults and other special needs tenants.
Nine investors participated in WNC Fund 50, which will develop and renovate units for families and seniors at 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas and Wyoming. A portion of the units at 13 properties will be set aside to help special needs tenants, including frail seniors, at-risk/formerly homeless individuals, people with physical and mental disabilities, veterans, single parents, people recovering from chemical dependency.
Among the projects within the fund is a 96-unit affordable seniors housing project, Perennial Senior, which will be constructed in Bozeman, MT. The new development will feature an on-site healthcare facility that has been pre-leased to local nonprofit Community Health Partner.
The completion of WNC Fund 50 brings WNC’s total equity raised since inception to approximately $5.9 billion, which has helped develop and renovate more than 96,000 affordable housing units across the country.
“For five decades, WNC’s core mission has been to put a safe, quality and affordable roof over the heads of those in need,” WNC Executive Vice President of Investor Relations Christine Cormier said. “As we near our official 50th anniversary next month, we’re pleased to announce the closing of this fund – our largest institutional LIHTC fund to-date — which raised additional equity to further our core mission.”