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| Hope Cottages, Joplin, MO |
IRVINE, CA – WNC, a
national investor in real estate and community development initiatives,
announced today it has closed its 2013 fiscal year with a total of six
low-income housing tax credit funds that raised an aggregate $348 million in
equity.
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| Michael Gaber |
The equity was raised through a mix of multi-investor
national, state tax credit and proprietary funds. The WNC funds acquired 59
LIHTC properties, providing more than 4,900 units of low-income housing in 25
states.
“The 2013 fiscal year has been a period of tremendous growth
for our company, adding nearly 5,000 units to our acquisition portfolio and
welcoming 10 new institutional investors to our funds,” said Michael Gaber,
Executive Vice President and Chief Operating Officer of WNC.
“Working with a total of 28 investors across six funds, we
were able to make thousands of safe affordable housing units available to
working families and seniors throughout the country. I am extremely proud of
our team and their accomplishments throughout the year.”
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| Old Colony Apartments Phase One, Boston, MA |
WNC’s funds financed the development of a wide variety of
properties, including: Hope Cottages, consisting of 32 newly constructed
single family homes in Joplin, Mo., where tornadoes ravaged the area in 2011; a
new 160-unit community to be constructed for seniors in Honolulu; the
rehabilitation of a 207-unit apartment complex for families in a difficult
development area in Baton Rouge, La.; and the rehabilitation of 106 units for
families in Los Angeles County, Calif.
The latest fund also includes the re-syndication of Old
Colony Phase One, an award winning, 116-unit family housing property
constructed in Boston in 2011.
For a complete copy of the company’s news releases,
please contact:
Jill Swartz
Spotlight Marketing Communications
949.427.5172, ext. 701 – direct
949.485.1552 – mobile
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