WNC & Associates, Inc., a national low-income housing tax credit (LIHTC) syndicator, announced that it has closed a $50 million California fund.
The fund will help finance eight properties with 445 units. This is the 10th consecutive year that WNC has closed a California-specific fund.
The portfolio includes seven properties for families and one for seniors, all of which are strategically located in seven counties throughout California, said the firm. Four properties are newly constructed, and four are rehab properties. Total development costs are approximately $125 million.
WNC partnered with seven different developer teams for the fund, six of which were repeat relationships. The fund closed with five institutional bank investors–three repeat investors and two investors new to WNC funds.
The latest fund was called WNC Institutional Tax Credit Fund X, California Series 10.
In March 2012, WNC closed a $100 million multi-investor LIHTC fund, financing 18 affordable housing properties in 11 states. The firm is on track to close a $100 million national fund in July 2012.