WNC Closes $222 Million Institutional Tax Credit Fund 58, L.P.
National multi-investor fund supports 15 affordable housing communities across 11 states
WNC & Associates, Inc. (“WNC”), a nationally recognized affordable housing investment and development firm, announced the successful closing of WNC Institutional Tax Credit Fund 58, L.P., a $222 million national multi-investor fund.
The fund attracted 10 institutional investors, including two new investor relationships, and supports the development and preservation of 15 affordable housing communities in 11 states: California, Iowa, Kansas, Kentucky, Massachusetts, Maine, Nebraska, New Hampshire, North Carolina, Pennsylvania and Texas. In total, Fund 58 will create or preserve 1,679 affordable apartment homes for families and individuals nationwide.
“Fund 58 reflects the continued confidence investors place in WNC’s disciplined investment approach and long-standing commitment to affordable housing,” said Christine Cormier, Executive Vice President of Investor Relations at WNC
The portfolio includes five new developer partners, expanding WNC’s national development relationships and geographic reach.
Among the fund’s investments is Brea PSH, a 38-unit family community located in Brea, California. Brea PSH will target individuals and households experiencing homelessness. The property offers numerous amenities such as a community room with a kitchen, an activity center, a picnic and barbecue area, a courtyard, a dog park, security gate, surveillance cameras and on-site management. Residents will be further supported with wrap-around social services, including case management, life skills and community building activities.
The developer for Brea PSH is Jamboree Housing, a longtime developer partner of WNC. Over the past 20 years. WNC has partnered with Jamboree on over a dozen projects totaling over 1,500 units, many of which featured supportive housing for special needs tenants. “With Jamboree at the helm, we can rest easy. WNC knows we’ll get a high-quality end product,” remarked Vice President – Acquisitions Kamisha McCargo.
Jefferson School Lofts is also included in the fund portfolio. Jefferson School Lofts will feature 42 units for seniors and is located in Oskaloosa, Iowa. The project will combine adaptive reuse of a currently closed school with new construction of the tenant units and common areas. The historic school was originally built in 1910.
With the closing of Fund 58, WNC continues its mission of creating strong communities through high-quality affordable housing while delivering value to institutional investors.