WNC Closes Its Largest Institutional LIHTC Fund to Date
WNC, based in Irvine, CA, announced today it has closed WNC Institutional Tax Credit Fund 50 LP (WNC Fund 50). The fund raised $176 million in institutional low-income housing tax credit (LIHTC) equity.
A total of nine investors participated in WNC Fund 50, which will develop and renovate more than 2,160 units for families and seniors at 32 properties in California, Colorado, Georgia, Iowa, Indiana, Louisiana, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, Tennessee, Texas and Wyoming.
“As we near our official 50th anniversary next month, we’re pleased to announce the closing of this fund – our largest institutional LIHTC fund to-date – which raised additional equity to further our core mission,” said Christine Cormeir, WNC EVP of investor relations.
The completion of WNC Fund 50 brings WNC’s total equity raise since inception to approximately $5.9 billion, which has helped develop and renovate more than 96,000 affordable housing units.
Pictured: Perennial Park in Bozeman, MT, a 55+ development being financed through WNC Fund 50.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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