WNC Inc. announced it has closed three institutional LIHTC funds totaling approximately $255 million in equity. The funds include WNC Institutional Tax Credit Fund 51, L.P. (Corp 51), WNC Institutional Tax Credit Fund 10 California Series 19 L.P. (CA 19) and a Northwest Arkansas-focused fund, the company said.
The Northwest Arkansas fund is believed to be the first south central single-state fund in the LIHTC industry, according to the company. The fund is structured to construct six affordable housing properties in Northwest Arkansas.
WNC said Corp 51 raised $132 million in equity; CA 19 raised $79.9 million in equity; and the Northwest Arkansas fund raised $44 million in equity. The closure of the funds brings WNC’s total equity raise since inception to approximately $13.9 billion.
“WNC celebrated its 50th anniversary this year, and we are thankful to our investment partners who help us continue our unwavering mission to put safe, dependable and affordable roofs over the heads of the many who are in need throughout the United States,” said WNC Executive Vice President of Investor Relations Christine Cormier. “These funds will help protect the already insufficient stock of affordable housing through renovations, and construct additional units that are so readily needed.”