WNC reported raising $90 million for its latest low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 10 California Series 18 LP (CA 18) will be used to develop and renovate nearly 900 affordable housing units in the state.
Seven investors participated the fund, which will help develop and renovate homes for families and seniors at five properties in Los Angeles, Riverside, Sacramento, and San Diego counties.
“WNC’s completion of this California LIHTC fund amidst the economic challenges that have emerged as a result of the current pandemic speaks volumes to the strength and stability of affordable housing investments,” said Christine Cormier, senior vice president of investor relations. “Our firm has been a leading player in affordable housing for nearly 50 years, and the current economic crisis is a compelling demonstration of the importance of our mission to provide safe, affordable housing to those in need.”
Cormier added that WNC welcomed a new investor in the fund and cemented its long-standing relationships with six others. CA 18 brings WNC’s total equity raise since inception to $5.5 billion, which has helped develop and renovate more than 90,000 affordable housing units across the country. To date, the firm has acquired approximately $10.6 billion of assets in 47 states, Washington, D.C., and the U.S. Virgin Islands.
Founded in 1971 and headquartered in Irvine, Calif., WNC is a national housing tax credit syndicator and investor in affordable housing and community development initiatives.
