WNC has closed a $94.2 million institutional low-income housing tax credit (LIHTC) fund that will help finance the rehabilitation of six affordable housing properties in both suburban and urban areas of California.
The properties, located within the cities of Antelope, Los Angeles, National City, Sacramento, and San Marcos, will provide 972 affordable housing units to families throughout the state.
“This is the 21st fund WNC has closed that focuses on the development or rehabilitation of quality affordable housing in the state of California,” said Michael Gaber, WNC executive vice president and COO. “With a severe supply/demand imbalance for affordable housing throughout the United States, it is vitally important that we do all that we can to rehabilitate and maintain existing affordable housing to provide a safe, comfortable home to families in the state.”
WNC Institutional Tax Credit Fund 10 California Series 16 includes eight Community Reinvestment Act–qualified institutional investors, three of which are first-time investors with WNC, a LIHTC syndicator and national investor in real estate and community development initiatives.
“WNC was able to close this fund within two months of the enactment of tax reform, despite the difficult environment reform has created,” said Christine Cormier, senior vice president of investor relations. “Our firm overcame the structural challenges and continues to work closely with our development and investment partners to ensure that families in need will receive the quality affordable housing units they deserve.”