WNC Closes $210M Fund for 2,000 Affordable Housing Units

WNC & Associates closed a $210 million Low-Income Housing Tax Credit (LIHTC) fund on an unspecified date, which will finance 18 affordable housing communities across 13 states. This initiative aims to add or preserve more than 2,000 rental homes, specifically 2,015 units, in states including Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. The portfolio comprises seven new-construction projects and 11 preservation deals, with two of these involving historic rehabilitations. Five of the properties are designated for seniors, while the remaining 13 will offer family housing.

For homebuilders and developers, this fund provides a crucial source of equity capital for affordable projects, especially during a period marked by rising interest rates, increased construction costs, and tighter capital markets that challenge project feasibility. LIHTC equity continues to be a primary scalable tool for bridging capital gaps in income-restricted rental developments. Fund 59 will primarily utilize LIHTCs but also incorporates properties leveraging Energy Tax Credits and Historic Tax Credits, reflecting a growing trend of layering multiple credit types to manage rising hard costs and finance necessary energy upgrades.

WNC presented this fund as a component of a larger strategy to address the national housing shortage. The company referenced data from the National Low Income Housing Coalition, highlighting a deficit of 7.2 million affordable and available rental units for extremely low-income renters. Founded in 1971 and based in Irvine, California, WNC and its affiliates have a substantial track record, having acquired approximately $21.7 billion in assets across 49 states. This includes over 1,770 affordable rental properties that serve more than 1 million residents. The firm has established partnerships with over 400 developers and 175 institutional investors.