Irvine, California-based WNC, a national investor in real estate and community development initiatives, has raised $94.2 million for its institutional low-income housing tax credit fund. The fund will rehabilitate six affordable housing properties in California.
IRVINE, Calif., Feb. 28, 2018 – WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 16, L.P. (CA 16), a $94.2 million institutional low-income housing tax credit (LIHTC) fund.
The fund will rehabilitate 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 California.
“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 WNC Executive Vice President and Chief Operating Officer Michael Gaber. “With a severe supply/demand imbalance for affordable housing throughout the U.S., 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 was able to close this fund within two months of the enactment of tax reform, despite the difficult environment reform has created,” said WNC Senior Vice President of Investor Relations Christine Cormier. “Our firm overcome 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.”
CA 16 includes eight Community Reinvestment Act-qualified institutional investors, three of which are first time investors with WNC.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $8.3 billion of assets totaling in excess of 1,300 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.