WNC, an affordable housing development, investment and management company, just closed a $150 million fund for affordable housing.
The fund enjoys backing from five repeat investors and was able to garner one new investor to add to its war chest.
The WNC Institutional Tax Credit Fund 45 is a $150 million institutional low-income housing tax credit fund that will be used to develop and renovate more than 1,950 affordable housing units in the U.S., a welcome breath of fresh air in market hungry for affordable product.
"For more than 47 years, WNC has been a leader in the development and preservation of quality affordable housing throughout the United States," WNC Senior Vice President of Investor Relations Christine Cormier said in a statement.
"WNC Corp. 45 continues this proud legacy, and will help develop and renovate 26 affordable housing communities in 12 states where the demand for these homes far outpace the available supply," she added.
The 26 properties under the fund’s umbrella are located in Alaska, Arkansas, Arizona, California, Iowa, Maine, Minnesota, Mississippi, New Jersey, New Mexico, Tennessee and Texas.