IRVINE, Calif., Dec. 17, 2012 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community renewal initiatives, announced today it has closed WNC Institutional Fund 37, a $124.5 million federal low-income housing tax credit (LIHTC) fund along with Hawaii Tax Credits 36-3, a Hawaii state tax credit fund at just over $4.7 million. The combined funds include a total of 10 investors, three of which are new to WNC, represented by an equal number of banks and insurance companies.
WNC Institutional Fund 37 will include nearly 2,000 units of affordable housing spread across 20 properties located in 15 states. The properties include senior, family and mixed tenancy, with a combination of new construction and rehabilitation developments. The developers of these properties have completed an average of 22 LIHTC projects each.
"WNC Institutional Fund 37 is a national multi-investor fund formed to acquire a diversified portfolio of federal low-income housing tax credit properties," said Will Cooper, Jr., President and Chief Executive Officer of WNC. "We were able to reach many parts of the U.S., including Alaska and Hawaii, while exceeding our initial fundraising goal by nearly 25 percent."
Among the first of the properties in the fund is a development of 32 newly constructed single family homes in Joplin, MO, an area ravaged by tornadoes in 2011 where thousands of homes were destroyed. Additionally, the Hawaii fund features the new construction of a 160-unit community for seniors in Honolulu.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community renewal initiatives. WNC has acquired more than $5.5 billion of assets totaling in excess of 1,100 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC's investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
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