WNC, a national investor in real estate and community development initiatives, has closed an $85 million institutional low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund 10 California Series 15, L.P. (CA 15), will acquire eight properties in suburban, urban, and rural parts of the state within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa, and San Luis Obispo. Combined, the properties will provide nearly 500 affordable housing units to seniors and families throughout the Golden State.
CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply. Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.
“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said Michael Gaber, WNC executive vice president and COO, in a statement. “Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”
CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.
Founded in 1971 and headquartered in Irvine, Calif., WNC is a leading LIHTC syndicator. WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit allocations, totaling $178 million.