IRVINE, Calif., Aug. 26, 2013 (GLOBE NEWSWIRE) -- 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. 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.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $5.9 billion of assets totaling in excess of 1,100 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.
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