WNC & Associates has announced the closing of a $66.3 million fund that will support the development of six affordable housing developments in California.
Located in Los Angeles, San Benito, and San Diego counties, the properties will provide 650 homes.
WNC Institutional Tax Credit Fund X California Series 23 (CA23) is WNC’s 23rd consecutive California-focused multi-investor fund for institutional investors. Over its 55 years, the company has sponsored 41 California funds and invested in 350 properties across 180 communities in addition to its national footprint.
“Closing CA23 is an important milestone for WNC as we celebrate our 55th year of operations. We are proud of our California roots and the role our home state has played in WNC’s growth into a national affordable housing organization,” said president and CEO Will Cooper Jr. “In states where housing is in short supply, our work to create and preserve tens of thousands of affordable homes has a real and needed impact.”
All six properties in the fund will serve families and utilize 4% low-income housing tax credits, with 25 units receiving rental assistance through Section 8 vouchers.
The project will include 64 one-bedroom, 46 two-bedroom, 57 three-bedroom, and 22 four-bedroom units serving households at 30%, 50%, 60%, and 70% of area median income, as well as two manager units. Community amenities will include a swimming pool, a clubhouse, a business and computer center, a community park, a fitness center, laundry facilities, a playground, and a picnic and barbecue area.
WNC and its affiliated companies—Community Preservation Partners, The Cooper Housing Institute, and Preservation Equity Fund Advisors—specialize in tax credit syndication, affordable housing development, and preservation equity fund investments.