WNC Closes $144 Million Institutional LIHTC Fund

IRVINE, Calif., July 7, 2017 /PRNewswire/ -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 43, L.P. (WNC Corp. 43), a $144 million institutional low-income housing tax credit (LIHTC) fund.

WNC Corp. 43 includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.

"We are very pleased to successfully close this fund – the third and largest overall WNC institutional fund closed in 2017," said WNC Executive Vice President and Chief Operating Officer Michael Gaber. "Despite the turmoil in the market caused by potential tax reform, we are very proud that our team was able to successfully close on 100 percent of all the properties that were under contract in the fund prior to the election. We were also able to add additional affordable housing communities to the fund, at a time when others in the industry were experiencing significant difficulties completing acquisitions under similar circumstances. The lack of affordable housing in the U.S. has reached a crisis level, and we urge all developers and communities to work together to retain and expand the number of quality affordable housing units throughout the nation, just as WNC and our partners are doing with this fund."

WNC Corp. 43 features Fort Des Moines Apartments, a 142-unit adaptive reuse of former barracks and horse stables at Fort Des Moines in Iowa. The property was originally constructed in 1917 and housed the nation's first African-American officer training school.

"There's great history connected with the buildings at Fort Des Moines, and amazing memories that will be made in the years to come," said Jimmy Becker, project manager with Blackbird Investments. "At a minimum, 142 families over the next year-and-a-half will be impacted with a wonderful place to call home."

About WNC

WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.8 billion of assets totaling in excess of 1,300 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community 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.

Contact
Julie Leber
Spotlight Marketing Communications
949.427.5172 ext. 703
[email protected]

SOURCE WNC

Related Links

http://www.wncinc.com