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WNC Closes Tax Credit Fund at $228M
WNC & Associates has closed WNC Institutional Tax Credit Fund 57, L.P. (Fund 57), a $228MM fund which includes 26 multifamily properties across 17 states. Investments in affordable housing through Fund 57 encompassed a mix of 12 new construction properties and 14 preservations totaling 1.908 units.
“WNC remains deeply committed to addressing the affordable housing crisis across the nation,” said Anand Kannan, president of WNC. “Fund 57 reflects our ongoing strategy to partner with mission-aligned developers and investors to create and preserve housing that supports vulnerable and underserved populations.”
The fund is designed to invest in partnerships or limited liability companies that own apartment communities developed or rehabilitated to serve low-income residents. Through these investments, the fund enables the allocation of federal Low-Income Housing Tax Credits and, in some cases, California state tax credits to investors, who can apply them to offset applicable federal or state tax liabilities.
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