IRVINE, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, has closed WNC Institutional Tax Credit Fund 56, L.P. (Fund 56) which includes 24 multi-family properties across 16 states. Fund 56, a $302 million equity fund that closed in April 2024, is WNC’s largest multi-investor fund to date.
“The closing of Fund 56, our biggest Fund to date, is a testament to the incredible developer and investor partnerships that we have fostered at WNC, and we are thankful for these relationships that will bring nearly 2,400 affordable housing units in 16 states to fruition,” said Anand Kannan, President of WNC.
The fund’s objective is to invest in partnerships or limited liability companies which own apartment complexes built or rehabilitated for low-income residents, including populations with specific needs such as senior, visually and hearing impaired, physically disabled, formerly homeless, special needs, and single parents. The fund enables federal low-income housing tax credits (LIHTC) – and in some cases California state low-income tax credits – to be passed through to investors, who can then apply them to reduce federal or California tax liabilities, as appropriate.
“WNC is happy to partner again with eight repeat investors and welcomes four new investors to Fund 56,” added Christine Cormier, Executive Vice President of Investor Relations at WNC.
Fund 56 has made 24 investments representing 2,396 units. The 16 states in which the investments are located include Arizona, California, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Montana, North Carolina, Oregon, Pennsylvania, Texas, Washington, and West Virginia. Investments in affordable housing through Fund 56 encompassed a mix of 10 new construction properties and 14 preservations, including three rehabilitations of historic properties.
About WNC & Associates
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/.
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