Irvine, CA-based affordable housing investment firm WNC has announced the closing of its WNC Institutional Tax Credit Fund 54, L.P., a low-income housing tax credit (LIHTC) fund totaling $172.8 million in equity from eight institutional investors. The new fund welcomed one new investor and six new development partners.

“WNC has worked tireless for the past five decades to provide residents in need with safe, high-quality and affordable housing,” said WNC EVP Christine Cormier. “We’re pleased to announced the closing of this fund, raising significant equity that we can employ to help address the growing affordable housing crisis throughout the country.”

Equity raised by the fund will be used to construct and renovate 1,331 affordable housing units across 14 properties in 13 states. Some of the funds’ units are set aside for special populations, including veterans, homeless, Native Americans/tribal projects and extremely low-income households. The properties will create approximately 1,700 jobs and generate more than $190 million in local government revenue.

Pictured: Rendering for WNC Fund 54 Canvas Apartments Project in Minneapolis, MN