WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 44, L.P. (WNC Corp. 44), a $135 million institutional low-income housing tax credit (LIHTC) fund.
WNC Corp. 44 includes 2,098 units of urban, suburban, and rural affordable housing for families and seniors scheduled for new construction and rehabilitation. The properties are located in 18 states: Alaska, Arkansas, Arizona, California, Connecticut, Iowa, Illinois, Kansas, Louisiana, Minnesota, Mississippi, North Dakota, New Mexico, Rhode Island, Tennessee, Texas, Utah and Wisconsin.
“We are particularly excited about the closing of this fund due to several of its projects containing units built for individuals with special needs,” said WNC Senior Vice President of Investor Relations Christine Cormier. “Additionally, WNC Corp. 44 will bring the first-ever affordable housing development to Kodiak, Alaska, expanding the program’s reach and delivering much needed, low cost housing options to families in need. WNC Corp. 44 also has a very high percentage of repeat development partners at 94 percent, speaking volumes of the fund’s quality of projects and the lasting partnership between WNC and each developer.”
To help individuals with disabilities, the fund includes:
- Dacotah Ridge in North Dakota, where 22 or 24 units will help tenants with intellectual or developmental disabilities;
- Kaplan Manor in Louisiana, where seven of the 32 units will be reserved for disabled seniors;
- Madison on Broadway in Wisconsin, where at least eight units will be reserved for disabled individuals or veterans;
- Paseo Del Oro in California, where five duplexes will be set aside for individuals or families affected by HIV/AIDs;
- and Simmesport Square in Louisiana, where seven units will be reserved for disabled seniors.
The fund consists of four economic investors and four CRA investors.
