WNC & Associates Close $302M Affordable Housing Fund
he fund has invested in 24 multifamily properties across 16 states, encompassing 2,396 units.
By Nick Trombola May 13, 2024 3:00 pm
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Irvine, Calif.-based WNC & Associates has closed its largest-ever multi-investor affordable housing fund.
WNC Institutional Tax Credit Fund 56, or Fund 56 for short, is a $302 million equity fund that officially closed in April, according to the firm. The fund has invested in 24 multifamily properties across 16 states, encompassing 2,396 units.
“The closing of Fund 56 … is a testament to the incredible developer and investor partnerships that we have fostered at WNC and we are thankful for these relationships that will bring nearly 2,400 affordable housing units in 16 states to fruition,” WNC President Anand Kannan said in a statement.
The firm uses the fund to invest in partnerships or limited liability companies that own multifamily buildings aimed at low-income renters, specifically those with particular needs, such as those who are disabled or formerly unhoused. WNC has partnered with eight repeat and four new investors for the fund, according to the company.
Founded in 1971, WNC is focused on the affordable housing market, with more than 1,800 affordable properties housing 1 million residents under its wing.
More affordable housing in Southern California, both permanent and temporary, is sorely needed, and other developers are in the midst of recognizing the demand. Los Angeles-based nonprofit Weingart Center earlier this month purchased a 76-unit former assisted living facility in Cheviot Hills, Calif., for $27.3 million, with the goal of transforming it into a shelter.
Meanwhile, the Housing Authority of the City of Los Angeles acquired a 120-unit apartment complex in South L.A. last month for $43.4 million last month. The housing division plans to set aside 90 percent of those units for families earning at or below 80 percent of the local median income.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
