WNC & Associates, Inc. has completed the closing of WNC Institutional Tax Credit Fund 59, L.P., a national Low-Income Housing Tax Credit vehicle that raised $210 million in equity. The latest fund continues the Irvine-based firm’s long-running LIHTC platform, with capital earmarked for affordable multifamily housing investments across a broad U.S. footprint.
According to WNC, Fund 59 will back the creation and preservation of affordable housing in 18 individual communities spread across 13 states. The portfolio strategy covers properties in Alaska, California, Florida, Indiana, Kentucky, Massachusetts, Maine, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, and Texas. The pool includes both new-build and preservation assets, reflecting a mix of ground-up development and recapitalizations designed to extend the useful life of existing affordable housing.
In total, Fund 59 is investing in 2,015 units nationwide. Within that total, seven communities are described as new-construction projects, while 11 are identified as preservation communities. The properties are targeted to a range of resident groups that rely on income-restricted housing, with five assets serving seniors and 13 positioned as affordable housing for families.
The fund is structured to deploy capital into these properties using the federal Low-Income Housing Tax Credit program, with investors receiving tax credit benefits tied to the delivery and long-term operation of income-restricted units. By combining new construction with preservation, the portfolio is intended both to expand the supply of affordable units and maintain existing housing that might otherwise be at risk of obsolescence or repositioning.
Christine Cormier, executive vice president of investor relations at WNC, noted that the close of Fund 59 represents a continuation of the firm’s multi-decade engagement with LIHTC investors. She emphasized that participation from institutional partners reflects ongoing demand for investments that pair stable, long-dated tax-credit driven returns with measurable community outcomes through affordable housing.
WNC, which is based in Irvine, will use Fund 59 to help channel private capital into affordable multifamily communities across its identified states, aligning investor capital with projects that are required to meet LIHTC affordability and compliance standards over extended periods. The fund’s allocations to senior and family communities suggest a focus on core demand segments within the affordable housing sector, particularly as many markets continue to face supply constraints and increasing pressure on lower-income renters.
