Irvine, CA-based WNC, an investment, asset management and development firm in the affordable housing industry, has closed WNC Institutional Tax Credit Fund 53, a low-income housing tax credit fund totaling $153.4 million in equity.
“We are pleased to announce the closing of Fund 53 which raised significant equity that will further our mission to alleviate the affordable housing crisis in our country,” said WNC Executive VP of Investor Relations Christine Cormier.
Equity from the fund will be used to construct and renovate more than 1,300 affordable housing units across 16 properties in California, Nevada and nine other states. The properties include multifamily and senior housing, with some of the units set aside for veterans and the homeless, along with mobility, hearing and visually impaired residents.
According to WNC, the fund will create approximately 2,060 jobs and the economic impact is expected to generate more than $314 million in local income tax and other government revenue.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.