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California  + Orange County  + Apartments  | 

WNC Secures $192M for 16-State Affordable-Housing Fund

Here’s some recent affordable-housing math from WNC:

10 investors + 24 properties (across 16 states) + an Institutional Tax Credit Fund 52 =
$191.7 million in institutional low-income housing tax credit equity (aka, LIHTC)

Investor, asset manager and developer with affordable-housing expertise, WNC, raised nearly $192 million to update and renovate 1,873 units across the country (states listed below).

In addition to the investment raise, according to a news release, a portion of the units will be set aside to help populations including veterans; young adults aging out of the foster care system; homeless, formerly homeless or individuals at-risk of homelessness; as well as residents suffering from mobility, hearing and visual impairments.

Also from the release, and germane to a shortfall of 6.8 million affordable spaces, nationwide:

The properties in WNC Fund 52 will create approximately 3,200 jobs, and the economic impact of the properties are expected to generate more than $490 million in local income tax and other government revenue. Out of the 1,873 units, 47% are located in difficult to develop areas or qualified census tracts. Additionally, 42% are located in majority minority tracts, which have populations comprised of at least 50% minorities.

A total of 10 investors participated in WNC Fund 52, which will develop and renovate units for families and seniors at 24 properties in California, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Mississippi, North Carolina, South Carolina, Nebraska, New Hampshire, Tennessee, Texas, Wisconsin, and West Virginia. 


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About Jason Middleton

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