WNC has closed a $48.5 million low-income housing tax credit (LIHTC) fund focused on California properties.

WNC Institutional Tax Credit Fund X California Series 12 (WNC Cal 12) features 11 investors and will acquire nine properties with 714 affordable housing units in Kern, Los Angeles, San Bernardino, and San Diego counties.

WNC Cal 12 is the company’s second California fund to close in the past 12 months, representing $94.5 million in equity raised in the past year. A LIHTC syndicator and real estate investment firm, WNC has closed a total of 28 California funds that have helped finance 185 properties in 45 counties.

Headquartered in Irvine, Calif., WNC says it is the only syndicator to have successfully closed a California fund in each of the last 12 years.