WNC Pulls in $350M for Two Affordable Housing Funds

WNC, an investor in affordable housing, has closed two institutional low-income housing tax credit (LIHTC) funds with roughly $350 million in equity.

WNC Institutional Tax Credit Fund 55, L.P. (Corp 55) raised $220 million, while WNC Institutional Tax Credit Fund 10 California Series 20 L.P. (CA 20) raised $130 million. WNC has raised over $17.2 billion since its founding in 1971.

The Irvine, CA-based firm plans to use the funds to build or renovate more than 2,100 affordable housing units across 29 properties in Alabama, Alaska, Arizona, California, Connecticut, Iowa, Maine, Massachusetts, Montana, North Carolina, Nebraska, New Hampshire, Texas, and West Virginia.

“WNC remains focused on our mission to provide safe, high-quality and affordable housing options to residents in need across the United States, and the completion of two funds totaling $350 million in this economic environment speaks volumes about our investors’ belief in us and our mission,” said WNC EVP of investor relations Christine Cormier.

WNC has acquired approximately $15.6 billion of assets across more than 1,800 properties in 48 states, Washington DC, and the U.S. Virgin Islands.