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| Christine Cormier |
IRVINE, CA – WNC, a national investor in real estate and
community development initiatives, announced it has closed WNC Institutional
Tax Credit Fund 42, L.P. (WNC Corp. 42), a $102 million institutional
low-income housing tax credit (LIHTC) fund.
WNC Corp. 42 is estimated
to include 1,504 affordable housing units in total, and is comprised of 17
family and senior housing communities scheduled for new construction and
rehabilitation.
The properties will be
located in 12 states, including Arkansas, California, Iowa, Idaho, Louisiana,
Massachusetts, Minnesota, New Jersey, South Dakota, Tennessee, Texas and
Wisconsin.
“Approximately 28 percent
of the projects in WNC Corp. 42 are new construction and will help to expand
the nation’s limited stock of affordable housing,” said WNC Senior Vice
President of Investor Relations Christine
Cormier.
“The remaining 72 percent
of the fund’s projects include traditional and historical renovation,
preserving the desperately needed affordable housing supply currently available
to seniors and families in eight states.
“WNC is proud to continue
existing investment partnerships and expand our investor base with this fund,
which consists of two economic investors and four CRA (Community Reinvestment
Act) investors.”
This is the second
national fund and third multi-investor fund WNC has closed in 2016, totaling
$329.7 million year-to-date.
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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