With the $116.20 million WNC Fund, over 1400 jobs will be created and more than $40 million in federal, state and local revenue will be generated by 13 properties located in 10 states.
Washington, DC (PRWEB) May 23, 2011
Meridian Investments, Inc. announced today that it closed WNC Institutional Tax Credit Fund 34 L.P., a $116.20 million multi-investor institutional Low-income Housing Tax Credit (“LIHTC”) Fund.
WNC Institutional Tax Credit Fund 34 is composed of nine institutional corporate investors that have partnered with WNC to build much needed affordable multi-family properties in Wisconsin, Massachusetts, New Jersey, Iowa, New York, Arkansas, Indiana, Nebraska, Oregon and Illinois. “We are very pleased to have closed WNC 34 with our institutional investors and developer partners as we celebrate our 40th Anniversary in the multi-family housing business,” said Will Cooper, Jr., President and CEO of WNC. “Today, with more than $4.9 billion of real estate assets acquired including over 1,050 properties in 45 states, we don’t just say we are an 'industry leader' and a 'long-term partner', we’ve proven it for over four decades,” continued Cooper.
WNC headquartered in Irvine, California with offices in Minnesota, Texas, North Carolina, New York, Massachusetts, Missouri and Texas, is one of the largest syndicators of the Low Income Housing Tax Credit Program, which is widely regarded as the most successful federal housing production and preservation program in the nation’s history, according to a December 2009 study by the Joint Center for Housing Studies of Harvard University. Michael Gaber, WNC Executive Vice President and Chief Operating Officer said, “The Housing Tax Credit is a very effective and efficient use of a federal subsidy where the private sector takes all of the development and marketing risk associated with the housing credit. WNC understands the formula for success, and we have been a leader in providing affordable multi-family housing for working-class families, seniors and families in rural communities for over forty years."
Early this year, the National Multi-Housing Council named WNC the 20th largest apartment owner in the United States.
Jerry McDermott, President of Meridian Investments, the WNC Fund’s placement agent said, “Investment interest continues to grow in the Low Income Housing Tax Credit because institutional investors recognize these public-private tax credit housing partnerships provide much needed affordable housing in addition to competitive economic returns and tax incentives from federal and state governments."
“With the $116.20 million WNC Fund, over 1400 jobs will be created and more than $40 million in federal, state and local revenue will be generated by 13 properties located in 10 states,” said Jack Casey, Vice Chairman and COO of Meridian.
About WNC & Associates
Founded in 1971, WNC & Associates is one of the ten largest privately held owners of affordable housing in the United States. Today, WNC has over $4.9 billion in real estate assets, including more than 1050 properties in 45 states, with an investor base of 19,500 institutional and retail investors.
About Meridian Investments, Inc.
Meridian Investments, Inc. was established in 1981 as an NASD Broker/Dealer licensed to sell direct participation programs and other forms of securities. Meridian is a national leader in placing corporate investors in the following tax-advantaged investments codified by the IRS: Affordable Housing (§42); Historic Rehabilitation (§47); Alternative Fuels (§29); Renewable Energy (§45); Like-kind Exchanges (§1031); New Markets Tax Credits (§45D); Tax Credit Remarkets. The Meridian Companies have serviced over 200 institutional and Fortune 500 clients.
SOURCE: Meridian Investments, Inc.
Jack Casey, Vice Chairman & Chief Operating Officer, Meridian Investments, Inc. (301) 983-5000
Michael Gabel, Chief Operating Officer & Executive Vice President, WNC (714) 662-5565 ext. 130