IRVINE, CA – WNC, a national investor in real estate and
community development initiatives, announced today it has closed WNC
Institutional Tax Credit Fund 38, L.P., a $150.5 million institutional
low-income housing tax credit (LIHTC) fund.
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| Michael Gaber |
The fund will acquire 24 properties nationally –a mix of
family and senior properties, including 15 new construction projects and nine
slated for rehabilitation.
The properties expected to comprise WNC Institutional Tax
Credit Fund 38 will deliver more than 2,100 units of affordable housing in 18
states, increasing the company’s acquisition portfolio to nearly 70,000 units
nationwide.
“This is the second largest fund in WNC’s 42-year history,
as well as the second national multi-investor fund this fiscal year,
representing more than $275 million,”
said Michael Gaber, Executive Vice President and Chief Operating Officer
of WNC.
“WNC Institutional Tax Credit Fund 38 welcomes four new
banks to our LIHTC funds, along with six existing insurance company and bank
investors to our latest fund.”
Gaber adds, “There is a significant shortage of affordable
housing options available to those individuals and families who cannot afford
traditional housing.”
According to the National Low Income Housing Coalition’s Out
of Reach 2013, in some states, minimum wage workers need to work between 81 and
97 hours per week to afford an apartment, while in others, 98 hours per week or
more are required.
Additionally, the report states that there are only 30
affordable rental units available for every 100 extremely low-income renters.
“We hope to increase the inventory of available affordable
housing units with the projects included in this fund, and are pleased to
continue to work with both new and existing development partners and investors
to make this happen,” said Gaber.
For a complete copy of the company’s news release, please
contact:
Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile
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