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5/10/24
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WNC & Associates has closed WNC Institutional Tax Credit Fund 56, L.P. (Fund 56) which includes 24 multi-family properties across 16 states. Fund 56, a $302 mil equity fund that closed in April 2024, is WNC’s largest multi-investor fund to date and will bring nearly 2,400 affordable housing units in 16 states to fruition.
The fund’s objective is to invest in partnerships or limited liability companies which own apartment complexes built or rehabilitated for low-income residents, including populations with specific needs such as senior, visually and hearing impaired, physically disabled, formerly homeless, special needs, and single parents. The fund enables federal low-income housing tax credits (LIHTC) – and in some cases California state low-income tax credits – to be passed through to investors, who can then apply them to reduce federal or California tax liabilities, as appropriate.
Fund 56 has made 24 investments representing 2,396 units. The 16 states in which the investments are located include Arizona, California, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Montana, North Carolina, Oregon, Pennsylvania, Texas, Washington, and West Virginia. Investments in affordable housing through Fund 56 encompassed a mix of 10 new construction properties and 14 preservations, including three rehabilitations of historic properties.
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