Washington, DC August 27, 2013 Meridian Investments, Inc. announced the closing of WNC Institutional Fund 38 at $150,500,000. “This is the second largest fund in the history of WNC”: said Michael Gaber, Chief Operating Officer of the Irvine, California leader in syndicating affordable housing partnerships for over 40 years.
“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% new construction and 27% rehabilitation properties” said: Meridian Chairman John Boc.
“Ten institutional investors provided the equity capital to make Fund 38 a major success,” said Meridian Investments President Jerry McDermott. Meridian Investments has been the leader in private sector tax credit equity placement, raising over $ 15 billion since 1981.
“The Low Income Housing Tax Credit program supports 95,000 jobs per year nationally, primarily in the small business sector and stimulates about $15 billion in housing investment annually,” said 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 percent of all federal housing expenditures in FY 2012, and just 4.3 percent of all federal housing tax expenditures,” explained Casey.
Meridian Investments specializes 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. Meridian's client and advisory engagements include major money center banks, insurance companies, utilities and leading high technology and software companies including Microsoft Corporation and Google.
About Meridian Investments, Inc. (http://www.meridianinvestments.com)
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, placing in excess of $15 Billion of institutional tax credit equity.