IRVINE, Calif., April 13, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today that it has received the Community Development Financial Institution (CDFI) certification from the California Organized Investment Network (COIN), a part of the California Department of Insurance.
The CDFI certification further strengthens WNC’s ability to deliver on its mission to create partnerships that enrich people’s lives and improve the homes and communities where they live.
CDFIs are defined by COIN as mission-driven private financial institutions in California specifically dedicated to, and whose core purpose is, providing financial products and services to people and communities underserved by traditional financial markets. CDFIs seek to bridge the growing gap that exists between the loans and services available to the economic mainstream and those offered to low-income people and communities, as well as the nonprofit institutions and businesses that serve them.
“WNC has been a leader in low-income housing tax credits since the program began more than four decades ago, and receiving the CDFI certification is a testament to our unwavering commitment to helping the individuals, families and overall communities in need of quality affordable housing,” said Will Cooper Jr., president and chief executive officer of WNC. “We are very pleased to have received this prestigious certification, which will strengthen our ability to provide underserved communities with access to credit and financing that is often unavailable to them.”
COIN is a collaborative effort between the California Department of Insurance, the insurance industry, community affordable housing and economic development organizations, and community advocates. The network was established in 1996 at the request of the insurance industry as an alternative to state legislation that would have required insurance companies to invest in underserved communities, similar to the federal Community Reinvestment Act (CRA) that applies to the banking industry. The voluntary program facilitates insurance industry investments that benefit California's environment and its low-to-moderate (LMI) income and rural communities.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.