WNC Closes $124.5 Million Federal Low-Income Housing Tax Credit Fund

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.

About WNC

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.

CONTACT: Jill Swartz
         Spotlight Marketing Communications
         949.427-5172, ext. 701 - direct
         949.485.1552 - mobile
         
 This e-mail address is being protected from spambots. You need JavaScript enabled to view it.
 

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Stock Market

Loading
Chart
o Dow Jones 17,827.75 ▲12.81 (0.07%)
o S&P 500 2,072.83 ▲5.80 (0.28%)
o NASDAQ 4,787.32 ▲29.06 (0.61%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,827.75 Trade time:4:31PM EST Value change:▲12.81 (0.07%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,072.83 Trade time:4:31PM EST Value change:▲5.80 (0.28%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,787.32 Trade time:5:15PM EST Value change:▲29.06 (0.61%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.