WNC has closed a $113 million institutional low-income housing tax credit (LIHTC) fund that will acquire nine properties in California.
WNC Institutional Tax Credit Fund 10 California Series 14 (CA 14) will help finance developments in both suburban and urban parts of the state in Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara counties. Combined, the properties will offer 1,305 affordable housing units to individuals and families.
The fund is WNC’s 19th fund closed in California. Upon completion of all nine property acquisitions, WNC will have acquired more than 260 properties within the state.
“WNC has successfully offered and closed a California LIHTC fund for 14 consecutive years, which speaks volumes about our organization’s commitment to providing affordable housing to individuals, families, and communities in need,” said Michael Gaber, WNC executive vice president and COO, in a statement.
CA Fund 14 includes 10 institutional investors, nine of which have previously participated in WNC funds. Additionally, 85% of the developers are repeat partners.
Headquartered in Irvine, Calif., WNC is a national investor in real estate and community development initiatives. The company is a longtime LIHTC syndicator.