IRVINE, CA - WNC & Associates, Inc. (WNC), a national investor in urban renewal and affordable housing projects, has closed WNC Institutional Tax Credit Fund 35. The $100 million multi-investor Low Income Housing Tax Credit (LIHTC) fund will finance 18 affordable housing properties, totaling 1,134 units.
“This fund features a diverse portfolio of properties strategically located in 11 states,” said Wilfred Cooper, Jr., president and CEO of WNC. “Our 40 years in the affordable housing business allow us to thrive in this competitive market through partnerships with a broad network of new and repeat developers throughout the U.S.”
According to Cooper, WNC partnered with 18 different developer teams for the fund, nine of which were repeat relationships.
The 18-property portfolio encompasses 12 properties for families and six properties for seniors located in markets throughout all regions of the continental United States. Nine properties are newly constructed and nine are rehab properties. Total development costs are approximately $155 million.
“We have continued to expand our reach by forging important new relationships,” said Cooper. “This fund was closed with nine new developer relationships and 50 percent of the capital came from new investors.”
The fund closed with seven institutional investors, including five regional and national banks and two national insurance companies.
WNC has now closed a total of 200 affordable funds since its founding in 1971. The firm is currently on track to close its next national fund in July 2012. WNC offers national and state multi-investor funds, private label funds and New Markets Tax Credit (NMTC) funds.
WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 15 community renewal projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.