IRVINE, CA - WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced it has closed WNC Institutional Tax Credit Fund 54, L.P. (Corp 54), a low-income housing tax credit (LIHTC) fund totaling $172.8 million in equity from a total of eight institutional investors. WNC Fund 54 welcomed one new investor and six new development partners.
"WNC has worked tirelessly for the past five decades to provide residents in need with safe, high quality and affordable housing," said WNC Executive Vice President of Investor Relations Christine Cormier. "We're pleased to announce the closing of this fund despite current unrest in the banking industry, raising significant equity that we can employ to help address the growing affordable housing crisis throughout the country."
Equity raised by the fund will be used to construct and renovate 1,331 affordable housing units across 14 properties in Arkansas, Georgia, Idaho, Indiana, Massachusetts Michigan, Minnesota, Nebraska, New York, Ohio, South Dakota, Tennessee and Texas. Some of the funds' units are set aside for special populations, including veterans, homeless or at risk of homelessness, Native Americans/tribal projects and extremely low-income households.
Among the projects within the fund is Patriot Park, a 60-unit affordable housing development in Fayetteville, Arkansas that is exclusively for veterans experiencing homelessness, low-income veterans and veterans with disabilities, as well as their families. Thirteen of the 60 units are set aside for veterans with incomes of up to 30% of the region's annual median income. The University of Arkansas for Medical Sciences (UAMS) Northwest hospital campus and a U.S. Department of Veteran Affairs office are located within one-half mile of Patriot Park. The Veterans Health Care System of the Ozarks is easily accessible via Interstate 49. Service providers will provide direct aid and care for Patriot Park residents via visits to the community.
Other notable projects within the fund are Canvas Apartments and New Point Family Apartments. Canvas Apartments is located within the Minneapolis Arts District and will include 23,184 square feet of production and commercial space on the ground floor. The community is located within Minneapolis' Industrial Living Overlay District, which was established to encourage the rehabilitation and reuse of existing industrial structures and to provide for limited residential and retail uses where such uses are compatible with other uses in the area.
New Point Family Apartments is a historic rehabilitation project for 18 family units in Salem, Massachusetts, for households experiencing or at risk of experiencing long-term homelessness. All units will be reserved for households with incomes at or below 30%, 50% and 60% of the area median income. The project will provide for the renovation of three buildings built in 1915 and 1920 within Salem's historic The Point neighborhood. Historical elements of the buildings that will be preserved during the planned renovations include interior trim woodwork, replacement of windows and deck railings with aesthetically comparable products and recessing the brick infill that will replace the basement windows.
The properties in WNC Fund 54 will create approximately 1,700 jobs and the aggregate economic impact is expected to generate more than $190 million in local income tax and other government revenue.