Meridian Investments closes USD150.5m WNC Fund 38 to acquire properties in 18 states
Meridian Investments has closed the WNC Institutional Fund 38 at USD150,500,000, making it the second largest fund in the firm’s history, with the fund acquiring Low Income Housing Tax Credit (LIHTC) properties in 18 states.
“The diversified geographic portfolio has 24 properties in 18 states focusing on multi-family units for families and seniors and will provide more than 2,100 units of affordable housing. The public-private institutional Low Income Housing Tax Credit fund is a mix of 72 per cent new construction and 27 per cent rehabilitation properties,” says Meridian chairman John Boc.
“The Low Income Housing Tax Credit programme supports 95,000 jobs per year nationally, primarily in the small business sector and stimulates about USD15bn in housing investment annually,” says Jack Casey, vice chairman, Meridian Investments. “The Housing Credit is widely considered to be the most effective affordable rental production program in the history of the nation, yet it accounted for just 3.3 per cent of all federal housing expenditures in FY 2012, and just 4.3 per cent of all federal housing tax expenditures.”
Meridian Investments specialises in public-private institutional tax credit products, including low income housing, new market credits, wind energy tax credits, solar energy credits, renewable energy and many government-sponsored private sector partnerships.
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