IRVINE, Calif. — WNC, a provider of affordable housing investment, asset management and development services based in Irvine, has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49).
The fund raised $153 million in institutional Low-Income Housing Tax Credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units.
A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, Nevada, Texas, Washington, Wisconsin and Wyoming.
WNC Fund 49 also includes six new development partners for WNC. Among the projects within the fund is a 20-unit development that will be located in Owyhee, Nevada, on the Duck Valley Shoshone-Paiute Indian Reservation. Additionally, a 56-unit housing development will be constructed in Grand Rapids, Minnesota, with four units set aside for those who were formerly homeless. A 105-unit family community will also be constructed in Coachella, California, with 10 units set aside for those who are developmentally disabled.