WNC Closes Latest Fund 35% Above Target

Christine Cormier

WNC has closed its Institutional Tax Credit Fund 44 with $135 million in commitments. The fund, which provided tax credits for low-income family and senior housing across the country, originally targeted $100 million in commitments, exceeding its initial fund raising goals. Additionally, the fund had a higher number of economically motivated investors, as a result of the fund’s healthy returns. Tax Credit Fund 44 currently has 24 projects located in 18 states across the country.

“We originally had a target for the fund at $100 million, so we exceeded what we expected by $35 million,” Christine Cormier, SVP of investor relations at WNC, tells GlobeSt.com. “70% of the investors were economic investors, so they invest for yield, and 30% of the investors were banks. The banks have a mandate to do community reinvestment, which means they need to invest dollars into the areas where they have deposits. The mix is typically 50-50.”