By Barbra Murray, Contributing Editor
It’s a win for affordable housing. WNC & Associates Inc. has closed WNC Institutional Tax Credit Fund 35, a $100 million, multi-investor Low Income Housing Tax Credit fund. With the closing of the investment vehicle, 18 affordable housing communities encompassing an aggregate 1,134 residences will get financed.
Comprised of 12 properties for low-income families and six communities designated for seniors in 11 states, half of the portfolio’s assets are new developments and the remaining half are rehab properties.
There was no shortage of interest in Fund 35. WNC secured 18 developer teams, half of which were new to WNC. “We have continued to expand our reach by forging important new relationships,” said Wilfred Cooper Jr., president & CEO of WNC. “This fund was closed with nine new developer relationships and 50 percent of the capital came from new investors.” The financing sources run the gamut; seven institutional investors participated, five national and regional banks came onboard, as did two insurance companies.
The completion of Fund 35 comes less than one year after WNC wrapped up WNC Institutional Tax Credit Fund 34. Fund 34 closed in May 2011, with $116.2 million, having attracted nine institutional corporate investors as partners to finance 13 properties.