WNC Closes Three Institutional LIHTC Funds of $255M
WNC recently closed three institutional low-income housing tax credit funds totaling approximately $255 million in equity. The funds include WNC Institutional Tax Credit Fund 51, WNC Institutional Tax Credit Fund 10 California Series 19 LP and a Northwest Arkansas-focused fund.
Corp 51 raised $132 million in equity, CA 19 raised $79.9 million in equity and the Northwest Arkansas fund raised $44 million in equity. The closure of the funds brings WNC’s total equity raise since inception to approximately $13.9 billion.
“These funds will help protect the already insufficient stock of affordable housing through renovations and construct additional units that are so readily needed,” said Christine Cormier, WNC executive vice president of investor relations.
Equity from the funds will be used to construct and rehabilitate more than 2,300 affordable housing units in Alaska, Arkansas, California, Georgia, Maine, North Carolina, North Dakota, New Hampshire, Oregon, South Carolina, Tennessee, Texas and Washington. The properties include multifamily and senior housing in urban, suburban and rural areas.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.