IRVINE, Calif., May 20, 2015 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 40, L.P. (WNC Corp. 40), a $126.8 million institutional low-income housing tax credit (LIHTC) fund. To date, the fund has 17 properties under contract throughout the nation for an aggregate total of $123 million.
WNC Corp. 40's portfolio is comprised of a mix of affordable housing communities, including 13 family and four senior housing properties. Combined, the properties offer nearly 1,500 units of affordable housing in 12 states, including: California, Colorado, Iowa, Kansas, Louisiana, Massachusetts, Minnesota, Oklahoma, New Mexico, New York, Tennessee and Washington, as well as the U.S. Virgin Islands.
"The properties that comprise WNC Corp. 40 consist of a combination of approximately 450 new affordable housing units that will be delivered to families and seniors in need, and preserve nearly 1,000 existing affordable housing units in our nation's supply," said WNC Senior Vice President of Investor Relations, Christine Cormier. "Additionally, this fund consists of 72 percent repeat development partners, and nearly 80 percent repeat investment partners, further demonstrating the success of the LIHTC program throughout the past 30 years. This continuous support from our partners, and the added support from new investors, is ever appreciated as we endeavor to grow the nation's existing affordable housing supply, currently far outpaced by demand."
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired nearly $6.7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
CONTACT: Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703 - direct email@example.comSource:WNC & Associates