WNC and Associates Closes Two Hundred Ten Million National Low Income Housing Tax Credit Fund To Preserve and Create Affordable Housing in Thirteen States
WNC & Associates has closed WNC Institutional Tax Credit Fund 59, L.P. (Fund 59), a $210 million national Low-Income Housing Tax Credit fund that will finance the creation and preservation of affordable housing across 18 communities in 13 states.
Fund 59 will invest in 2,015 affordable housing units located in Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. The portfolio comprises seven new-construction communities and 11 preservation communities, including two rehabilitations of historic properties. Five of the properties will serve seniors, while 13 will provide affordable housing for families.
The fund leverages multiple federal tax incentives. In addition to LIHTC, Fund 59 includes investments using Energy Tax Credits and Historic Tax Credits to support the development and preservation of high quality affordable housing.
“For more than 55 years, WNC has brought together private capital and trusted partnerships to expand and preserve affordable housing nationwide,” said Will Cooper Jr., president and CEO of WNC. “During a housing crisis marked by a shortage of 7.2 million affordable and available rental homes, Fund 59 shows how private capital can be mobilized to help close the gap. New federal housing policy will bolster this work and expand opportunities to invest in affordable housing.”
“We are grateful for the continued confidence our investor partners place in WNC and our mission,” said Christine Cormier, executive vice president of investor relations at WNC. “Fund 59 reflects the trust we’ve built over more than five decades and the continued demand for investments that deliver meaningful community impact alongside long-term value. Together with our investors, we’re helping connect private capital with affordable housing solutions in communities across the country.”
This closing underscores the continued role of private capital and tax credit structures in addressing affordability and preservation needs across multiple markets. Multifamily Leadership highlights transactions like Fund 59 as part of our ongoing coverage and programming on innovation, capital formation, and preservation strategies. These are the practical tools and financing approaches the industry is using to respond to demand and to sustain long-term affordable housing supply.