WNC HOUSING TAX CREDIT FUND VI, L.P.,
SERIES 6
[GRAPHIC OMITTED]
Supplement Dated December 23, 1998
To Prospectus Dated June 23, 1997
This Supplement is part of, and should be read in conjunction with, the
Prospectus of WNC Housing Tax Credit Fund VI, L.P., Series 6 ("Series 6") dated
June 23, 1997 (the "Prospectus"), and the Supplement to Prospectus dated
November 18, 1998. Capitalized terms used but not defined in this Supplement
have the meanings given to them in the Prospectus.
STATUS OF SERIES 6 OFFERING
As of the date hereof, Series 6 has received subscriptions in the
amount of $5,864,250 (5,866 Units), of which $207,500 currently is
represented by Promissory Notes.
LOCAL LIMITED PARTNERSHIP INVESTMENTS
In addition to the Local Limited Partnership Interests identified in
the Supplement to Prospectus dated November 18, 1998, Series 6 has acquired a
Local Limited Partnership Interest in Desloge Associates I, L.P. ("DESLOGE");
and has identified for acquisition a Local Limited Partnership Interest in
Brighton Ridge Apartments, L.P. ("BRIGHTON"). DESLOGE owns the Eagles Landing
Apartments in Desloge, Missouri; and BRIGHTON owns the Brighton Ridge Apartments
in Edgefield, South Carolina.
While the Fund Manager believes that Series 6 is reasonably likely to
retain or acquire an interest in the Local Limited Partnerships identified
herein, Series 6 may not do so as a result of the failure by a Local Limited
Partnership to satisfy one or more conditions precedent to the payment of each
installment payment, the inability of Series 6 to raise additional capital
necessary to complete the purchase of the Local Limited Partnership Interests
identified herein, the purchase of Local Limited Partnership Interests other
than the Local Limited Partnership Interests identified herein, or other
factors. Moreover, the terms of the acquisition may differ from those as
described. Accordingly, investors should not rely on the ability of Series 6 to
retain or acquire an investment in the Local Limited Partnership Interests
identified herein on the indicated terms in deciding whether to invest in Series
6.
The following tables contain information concerning the Apartment
Complex and the Local Limited Partnerships identified herein:
1
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<TABLE>
LOCAL
ACTUAL OR LIMITED
ESTIMATED ESTIMATED PERMANENT PARTNER-
PROJECT CONSTRUC- DEVELOPMENT MORTGAGE SHIP'S
LOCAL NAME AND TION COST NUMBER OF BASIC LOAN ANTICIPATED YEAR CREDITS
LIMITED NUMBER LOCATION COMPLETION (INCLUDING APARTMENT MONTHLY PRINCIPAL TAX CREDITS TO BE FIRST
PARTNERSHIP OF BUILDINGS OF PROPERTY DATE LAND COST) UNITS RENTS AMOUNT (1) AVAILABLE
- ---------------- ------------- ------------ ------------- ------------- ------------ -------- ------------------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BRIGHTON Brighton Edgefield August 1999 $2,165,675 20 1BR $327 $614,559 $1,387,800 1999
Ridge (Edgefield units $402 FmHA (3)
Apartments County), 12 2BR $462
South units $512 $500,000
13 Buildings Carolina 8 3BR units HOME (4)
(2) 4 4 BR
units
- ---------------- ------------- ------------ ------------- ------------- ------------ -------- ------------------------ -------------
DESLOGE Eagles Desloge November $2,064,658 24 2 BR $247 $633,000 $1,637,810 1999
Landing (St. 1999 units $302 MHDC (5)
Apartments Francois 8 3 BR
County), units
4 buildings Missouri
<FN>
(1) Low Income Housing Credits are available over a 10-year period. For the
year in which the credit first becomes available, Series 6 will receive
only that percentage of the annual credit which corresponds to the
number of months during which Series 6 was a limited partner of the
Local Limited Partnership, and during which the Properties were
completed and in service. See the discussion under "The Low Income
Housing Credit" in the Prospectus.
(2) Rehabilitation property.
(3) FmHA will provide the first mortgage loan for a term of 40 years at an
annual interest rate of 7%. Principal and interest will be payable
monthly, based on a 40-year amortization schedule.
(4) HOME will provide the second mortgage loan for a term of 20 years at an
annual interest rate of 1%. Principal and interest will be payable
monthly, based on a 20-year amortization schedule.
(5) Missouri Housing Development Commission ("MHDC") will provide the
mortgage loan for a term of 40 years at an annual interest rate of 1%.
Principal and interest will be payable monthly, based on a 40-year
amortization schedule.
</FN>
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Brighton (BRIGHTON): Brighton (population 2,500) is in Edgefield County, South
Carolina, on U.S. Highway 25, approximately 25 miles north of Augusta. The major
employers for Edgefield residents are Milliken & Co. (fabrics), Riegel Mount
Vernon Mills (linens) and Menardi-Criswell (filters).
Desloge (DESLOGE): Desloge (population 4,900) is in St. Francois County, in
southeast Missouri on State Route 8, near the intersection with U.S. Highway 67.
The major employers for Desloge residents are U.S. Tool Grinding (drill and tool
manufacturer), Flat River Glass (pharmaceutical glass manufacturer) and Super
Value, Inc. (distribution).
<TABLE>
LOCAL ESTIMATED
GENERAL SHARING RATIOS: ACQUISITION
LOCAL LOCAL PARTNER SHARING ALLOCATIONS (4) AND FEES PAYABLE
LIMITED GENERAL PROPERTY DEVELOPMENT RATIOS: SALE OR REFINANCING SERIES 6's CAPITAL TO FUND
PARTNERSHIP PARTNERS MANAGER (1) FEE (2) CASH FLOW (3) PROCEEDS (5) CONTRIBUTION (6) MANAGER
- --------------- ------------ ------------ -------------- --------------- -------------------- ------------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
BRIGHTON The Insignia $155,000 WNC: Greater 98.989/.01/.001/1 $989,114 $92,000
Piedmont Residential of 20% or 50/50
Foundation Group, L.P. $3,000
of South (8) LGP: 70% of
Carolina, the balance
Inc. (7) The balance:
30/70
- --------------- ------------ ------------ -------------- --------------- -------------------- ------------------- ---------------
DESLOGE East Lockwood $266,884 WNC: Greater 99.89/.01/.1 $1,063,406 $171,000
Missouri Realty, of 20/79.9/.1
Action Inc. (10) 20% or $500
Agency, LGP: 70% of
Inc. (9) the balance
The balance:
50/50
<FN>
(1) The Local General Partner is authorized to employ either itself or one of
its Affiliates, or a third party, as property manager for leasing and management
of the Property. Although in some instances the maximum annual management fee
payable to the property manager is determined pursuant to lender regulations, in
most cases the fee is equal to market rate.
(2) The Local Limited Partnership will pay its Local General Partner or an
Affiliate of its Local General Partner a development fee in the amount set
forth, for services incident to the development and construction of the
Property, which services include: negotiating the financing commitments for the
Property; securing necessary approvals and permits for the development and
construction of the Property; and obtaining allocations of Low Income Housing
Credits. This payment will be made in installments after receipt of each
installment of the capital contributions made by Series 6.
(3) Reflects the amount of the net cash flow from operations, if any, to be
distributed to Series 6 ("WNC") and the Local General Partner ("LGP") of the
Local Limited Partnership for each year of operations. Generally, to the extent
that the specific dollar amounts which are to be paid to WNC are not paid
annually, they will accrue and be paid from sale or refinancing proceeds as an
obligation of the Local Limited Partnership.
(4) Subject to certain special allocations, reflects the respective percentage
interests in profits, losses and Low Income Housing Credits of (i) Series 6,
(ii) WNC Housing, L.P., an Affiliate of the Sponsor which is the special limited
partner, and (iii) the Local General Partner.
(5) Reflects the percentage interests of (i) Series 6 and (ii) the Local General
Partner, in any net cash proceeds from sale or refinancing of the Property,
after payment of the mortgage loan and other Local Limited Partnership
obligations.
(6) Series 6 will make its capital contributions to the Local Limited
Partnership in stages, with each contribution due when certain conditions
regarding construction or operations of the Property have been fulfilled. See
"Investment Policies" and "Terms of the Local Limited Partnership Agreements"
under "Investment Objectives and Policies" in the Prospectus.
(7) The Piedmont Foundation of South Carolina, Inc. is a South Carolina
non-profit corporation ("Piedmont") which was formed in 1996 for the purpose of
increasing the supply and improving the quality of housing for low- and
moderate-income families by supporting or sponsoring the development of decent,
affordable housing units. The Piedmont Foundation, Inc. has represented to
Series 6 that, as of December 31, 1997, it had a net worth in excess of
$175,000. Construction completion and operating deficit guarantees will be
provided by Walt McGill. Mr. McGill, age 45, has represented to Series 6 that,
as of May 1998, he had a net worth in excess of $1,200,000.
(8) Insignia Residential Group, L.P. currently manages over 1,400 properties, 37
of which are currently receiving Tax Credits. The company has been managing
properties for 14 years; Tax Credit properties for nine years.
(9) East Missouri Action Agency, Inc. has been involved in the administration
and management of five affordable housing developments. The Local General
Partner has represented to the Fund that, as of September 30, 1997, it had a net
worth in excess of $400,000. Construction completion and operating deficit
guarantees will be provided by Lockwood Development, L.L.C., which has
represented to the Fund that, as of March 3, 1998, it had a net worth in excess
of $1,000,000.
(10) Lockwood Realty, Inc., a Missouri corporation, has been managing property
for 15 years. It currently manages approximately 250 properties consisting of
more than 6,000 apartment units. Sixty-four of these properties, consisting of
more than 1,500 apartment units, are receiving Tax Credits.
</FN>
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