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| Michael Gaber |
IRVINE, CA, Aug. 11, 2014– WNC, a national investor in real
estate and community development initiatives, announced today it has closed WNC
Institutional Tax Credit Fund 39, LP (WNC Corp. 39), a $125 million
institutional low-income housing tax credit (LIHTC) fund.
The fund, which
includes six investors, will acquire 25 properties located throughout the
nation.
WNC Corp. 39 is
comprised of a variety of affordable housing communities, including 15 family,
nine senior and one senior/family mix.
Together they offer 1,684 units of
affordable housing in 12 states, including: Alaska, Arkansas, California,
Illinois, Kansas, Minnesota, Mississippi, New Jersey, Oklahoma, South Dakota,
Texas and Washington.
The 25 properties will consist of a combination of new
construction and substantially rehabilitated units. The properties that are
scheduled for rehabilitation will continue WNC’s efforts to preserve and
maintain the nation’s low-income housing supply.
“We are pleased to
complete this offering that will deliver additional low-income housing options
and preserve existing affordable housing in communities where the demand for
such housing continues to outpace supply,” said WNC Executive Vice President
and Chief Operating Officer Michael Gaber.
“For nearly 30
years, the LIHTC program has been among the most successful examples of
public/private partnership in our nation’s history, and we appreciate the
ongoing support of our existing investors and development partners, along with
the added commitment from new investors, as we work to increase the inventory
of affordable housing nationwide.”
WNC Corp. 39 is the
second WNC-sponsored LIHTC fund to close in 2014, representing a total equity
raise of $185 million. With the close of the fund, WNC welcomes two new
investors to its LIHTC portfolio.
For a complete copy of the company’s news release, please
contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703
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