#United States #Irvine #affordable housing #Fund 59 #WNC Associates

WNC & Associates Closes $210 Million Affordable Housing Fund

WNC & Associates, Inc., a family-owned company renowned as a leader in the affordable housing sector, has finalized the $210 million WNC Institutional Tax Credit Fund 59, L.P. This substantial fund will facilitate the development and preservation of affordable housing in 18 communities spread across 13 states. The successful closure of this fund highlights WNC's ongoing commitment to bridging private capital with effective housing solutions, responding directly to the heightened need for affordable living options across America.

Funding Details

The newly launched Fund 59 will contribute to the creation and maintenance of 2,015 affordable housing units. The targeted states include Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. This initiative features a diverse portfolio, with seven projects focused on new construction and 11 aimed at preserving existing housing infrastructures. Additionally, two historic properties will undergo rehabilitation, ensuring that both new and existing affordable housing options are available to communities in need.

Among the noteworthy projects is Tabor Village, a modern 229-unit senior housing complex located in Dallas, Texas. This development is particularly significant as it directly addresses the needs of senior citizens in the area, showcasing WNC's focus on diverse demographics.

Addressing the Housing Crisis

Will Cooper Jr., president and CEO of WNC, emphasized the severity of the housing crisis, noting a critical shortage of 7.2 million affordable and available rental homes in the United States. He stated, "Fund 59 demonstrates how mobilizing private capital can help address this shortfall." New federal housing policies are anticipated to further enhance the efforts to invest in affordable housing, signaling a proactive approach to combatting homelessness and housing insecurity.

Christine Cormier, executive vice president of investor relations at WNC, expressed gratitude for the commitment of investor partners, acknowledging the trust built over five decades in the affordable housing sector. She highlighted that Fund 59 showcases the continued demand for investments that not only yield long-term value but also contribute positively to communities. This collaborative effort between WNC and its investors focuses on connecting financial resources with impactful housing solutions.

Additional Funding Mechanisms

In addition to leveraging the Low-Income Housing Tax Credit (LIHTC), Fund 59 also incorporates investments from Energy Tax Credits and Historic Tax Credits. These mechanisms provide further financial backing to support both the preservation and creation of high-quality affordable housing.

About WNC & Associates, Inc.

Founded in 1971, WNC & Associates, Inc. has established itself as a pioneer in the affordable housing industry through its extensive experience in tax credit syndication and housing development. The company, along with its affiliates—Community Preservation Partners, The Cooper Housing Institute, and Preservation Equity Fund Advisors—has successfully acquired approximately $21.7 billion in assets across all 49 states, which includes over 1,770 affordable rental properties, serving more than 1 million residents.

WNC operates from 18 offices nationwide and collaborates with more than 400 developers and 175 institutional investors to bring impactful housing solutions to fruition. Their work remains pivotal in addressing the pressing need for affordable housing while ensuring community growth and stability.

For further information about WNC & Associates and their initiatives, visit https://www.wncinc.com.