September 6, 2019 Comments (0) Views: 344 California News, National News, West

WNC Closes $210M for Development, Renovation of 1,900 Affordable Housing Units

Irvine, CA-based WNC closed two institutional low-income housing tax credit (LIHTC) funds, WNC Institutional Tax Credit Fund 47, L.P. and WNC Institutional Tax Credit Fund 10 California Series 17, L.P., totaling roughly $210 million in equity. Together, equity from the funds will be used to develop and renovate more than 1,900 affordable housing units in the U.S.

WNC’s Christine Cormier says, “Given the lack of affordable housing throughout the country, it is essential that we not only add to, but preserve and improve the existing stock, which WNC Corp. 47 and CA 17 will accomplish in 25 communities across 12 states.”

WNC Corp. 47 raised $134.6 million in equity, and CA 17 raised $75.5 million. The properties that will be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. They include multifamily and senior housing in urban, suburban and rural areas.

*Pictured 38-unit property in Bloomfield, CT

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