WNC Closes $144 Million Institutional LIHTC Fund

IRVINE, Calif. — WNC, an Irvine-based real estate investor, has closed WNC Institutional Tax Credit Fund 43 LP, a $144 million institutional low-income housing tax credit (LIHTC) fund.

The fund includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.

“We are very pleased to successfully close this fund – the third and largest overall WNC institutional fund closed in 2017,” said Michael Gaber, WNC’s chief operating officer. “Despite the turmoil in the market caused by potential tax reform, we are very proud that our team was able to successfully close on 100 percent of all the properties that were under contract in the fund prior to the election.”

“The lack of affordable housing in the U.S. has reached a crisis level, and we urge all developers and communities to work together to retain and expand the number of quality affordable housing units throughout the nation, just as WNC and our partners are doing with this fund,” continued Gaber.

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