WNC HOUSING TAX CREDIT FUND VI, L.P.,
SERIES 6
[GRAPHIC OMITTED]
Supplement Dated April 26, 1999
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 (the "November Supplement"). Capitalized terms used but not
defined in this Supplement have the meanings given to them in the Prospectus.
TABLE OF CONTENTS
Page
Status of Series 6 Offering....................................................1
Local Limited Partnership Investments..........................................1
Management ....................................................................4
As indicated in the chart which follows, the information presented
herein either adds to or supersedes similar information included in the
Prospectus or the November Supplement.
Supplement Presentation Relationship to Prospectus or November
Supplement Presentation
- ----------------------- --------------------------------------
Status of Series 6 Offering Supersedes "Status of Series 6
Offering" in November Supplement
Local Limited Partnership Investments Adds to "Local Limited Partnership
Investments" in November Supplement
Management Adds to "Management" in Prospectus
STATUS OF SERIES 6 OFFERING
As of the date hereof, Series 6 has received subscriptions in the
amount of $12,258,695 (12,286 Units), of which $539,000 currently is represented
by Promissory Notes.
LOCAL LIMITED PARTNERSHIP INVESTMENTS
In addition to the Local Limited Partnership Interests identified in
the November Supplement (all of which, excluding West Mobile, have been
acquired), Series 6 has acquired a Local Limited Partnership Interest in
Brighton Ridge Apartments, L.P. ("BRIGHTON"); and Desloge Associates I, L.P.
("DESLOGE"). Series 6 has identified for acquisition a Local Limited Partnership
Interest in Summer Wood, Ltd., an Alabama limited partnership. BRIGHTON owns the
Brighton Ridge Apartments in Edgefield, South Carolina; DESLOGE owns the Eagles
Landing Apartments in Desloge, Missouri; and SUMMER WOOD owns the Summer Wood
Apartments in Camden, Alabama.
While the Fund Manager believes that Series 6 is reasonably likely to
retain 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, or other factors. Moreover, the terms of the acquisition may differ from
those as described. Accordingly, investors should not rely on the ability of
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Series 6 to retain 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
Complexes and the Local Limited Partnerships identified herein:
<TABLE>
LOCAL
LIMITED
ACTUAL OR ESTIMATED PERMANENT PARTNER- YEAR
PROJECT ESTIMATED DEVELOPMENT MORTGAGE SHIP'S CREDITS
LOCAL NAME AND CONSTRUCTION COST NUMBER OF BASIC LOAN ANTICIPATED TO BE
LIMITED NUMBER LOCATION COMPLETION (INCLUDING APARTMENT MONTHLY PRINCIPAL TAX CREDITS FIRST
PARTNERSHIP OF BUILDINGS OF PROPERTY DATE LAND COST) UNITS RENTS AMOUNT (1) AVAILABLE
- ------------- ------------- ------------ ------------- ------------- ------------ ----------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BRIGHTON Brighton Edgefield November $2,165,675 20 1BR $327 $614,559 $1,387,800 1999
Ridge (Edgefield 1999 units FmHA (3)
Apartments County), 12 2BR $402
South units
13 buildings Carolina 8 3BR $462
(2) units
4 4BR $512 $500,000
units HOME (4)
- ------------- ------------- ------------ ------------- ------------- ------------ ----------- ------------- ------------- ----------
DESLOGE Eagles Desloge November $2,064,658 24 2BR $247 $633,000 $1,637,810 1999
Landing (St. 1999 units MHDC (5)
Apartments Francois 8 3BR $302
County), units
4 buildings Missouri
- ------------- ------------- ------------ ------------- ------------- ------------ ----------- ------------- ------------- ----------
SUMMER WOOD Summer Wood Camden November $2,260,515 18 2BR $235 $65,000 $1,775,611 1999
Apartments (Wilcox 1999 units RB (6)
County), 14 3BR $309
5 buildings Alabama units $785,000
HOME (7)
<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.
(6) Regions Bank ("RB") will provide the first mortgage loan for a term of
20 years at an annual interest rate of 8%. Principal and interest will
be payable monthly, based on a 20-year amortization schedule.
(7) Alabama Housing Finance Authority, using HOME funds, will provide the
second mortgage loan for a term of 20 years at an annual interest rate
of 0.5%. Principal and interest will be payable monthly, based on a
20-year amortization schedule.
</FN>
</TABLE>
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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).
Camden (SUMMER WOOD): Camden (population 2,500) is the county seat of Wilcox
County, Alabama, and is at the intersection of State Highways 28, 41, 164 and
265, approximately 35 miles southwest of Selma. The major employers for Camden
residents are MacMillan Bloedel Packaging, Simplex Industries, and International
Knife and Saw Inc.
<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 PARTNER 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(11) $1,063,406 $99,000
Missouri Realty, of 20% or 20/79.9/.1
Action Inc. (10) $500
Agency, LGP: 70% of
Inc. (9) the balance
The balance:
50/50
- --------------- ------------ ------------ -------------- --------------- -------------------- ------------------- ---------------
SUMMER WOOD ACHR Charter $268,409 WNC: Greater 99.98/.01/.01 $1,287,189 $119,000
(12) Property of 10% or 50/50
Management $500
Co., Inc. LGP: 70% of
(13) the balance
The balance:
30/70
<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 a 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 (i.e., the excess
of revenues over expenses, including the property manager's fee), 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, (iii) in the case of BRIGHTON, The Piedmont Foundation, Inc., a Georgia
non-profit corporation which is the special Class B limited partner, and (iv)
the Local General Partner.
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(5) Reflects the percentage interests in any net cash proceeds from sale or
refinancing of the Property, after payment of the mortgage loan and other Local
Limited Partnership obligations of (i) Series 6, (ii) the Local General Partner,
and (iii) in the case of DESLOGE, Missouri Affordable Housing Fund IX, L.P., the
special Class B limited partner.
(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 in South Carolina by supporting or sponsoring the
development of decent, affordable housing units. The Piedmont Foundation of
South Carolina, Inc. has represented to Series 6 that, as of December 31, 1998,
it had a negative net worth. 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 11, 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
unrestricted net assets in excess of $400,000. Construction completion and
operating deficit guarantees will be provided by Lockwood Development Co.,
L.L.C. which has represented to the Fund that, as of March 31, 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.
(11) DESLOGE is also expected to generate Missouri Tax Credits, all of which
will be allocated to the special Class B limited partner, Missouri Affordable
Housing Fund IX, L.P.
(12) Alabama Council on Human Relations Housing Corporation ("ACHR") was founded
in 1954 as a forum for interracial communications throughout Alabama. It is now
a statewide private non-profit organization. ACHR has represented to Series 6
that, as of February 12, 1998, it had a net worth in excess of $800,000.
(13) Charter Property Management Co., Inc. was incorporated in 1991. The
company's emphasis is the professional management of affordable housing,
particularly multi-family properties. Charter Property Management, Co., Inc.
currently manages 29 properties, including 1,070 units, of which nine
properties, including 462 units, are receiving Tax Credits.
</FN>
</TABLE>
MANAGEMENT
WNC & Associates, Inc.
Effective March 1999 Michael L. Dickenson has been engaged as Vice
President - Chief Financial Officer of the Sponsor and WNC Management, Inc. From
1995 to 1999 Mr. Dickenson, age 42, was the Director of Financial Reporting at
TrizeeHahn Centers Inc., a developer and operator of shopping malls, from 1988
to 1995 he was a Senior Manager with E&Y Kenneth Leventhal Real Estate Group,
Ernst & Young, LLP, from 1985 to 1988 he was Vice President of Finance with
Great Southwest Companies, a commercial and residential real estate developer,
and from 1978 to 1985 he was employed by Arthur Andersen & Co., last serving as
manager. His responsibilities at the Sponsor include supervision of investor
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partnership accounting and tax reporting matters and monitoring the financial
condition of the Local Limited Partnerships. Mr. Dickenson is a member of the
Financial Accounting Standards Committee for the National Association of Real
Estate Companies, the International Council of Shopping Centers and the American
Institute of Certified Public Accountants, and a Director of HomeAid Southern
California and a former Director and Secretary of HomeAid Orange County and
HomeAid America, charitable organizations affiliated with the building industry.
He graduated from Texas Tech University in 1978 with a Bachelor of Business
Administration - Accounting degree, and is a Certified Public Accountant
licensed to practice in the States of California and Texas. Theodore M. Paul is
no longer associated with the Sponsor.
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APPENDIX A TO SUPPLEMENT
1. At the upper left-hand corner of the cover page there is the outline of an
eagle.
2. At the center of the title information on page 1 there is a line on each
side of a square which stands on one point. The square is drawn to appear three
dimensional, as are the lines. The lines on each side of the square extend
almost to the end of the text below them in the information section.
