WNC & Associates has closed WNC Institutional Tax Credit Fund X California Series 23, L.P. at $66.3 million, marking the company’s 23rd consecutive California-focused multi-investor affordable housing fund for institutional investors. The closing comes as WNC marks 55 years of operations in California.
Across 41 California-focused funds, the company has invested more than $4 billion in acquired portfolio assets across 350 properties in 180 communities.
WNC’s 23 consecutive California-focused funds have raised nearly $1.5 billion, supporting 161 affordable housing properties containing 15,573 homes and approximately $4.2 billion in total development costs.
The investments span 34 California counties and include new construction and preservation projects across urban, suburban and rural markets.
The new CA23 fund includes six new-construction affordable housing properties totaling 650 homes across Los Angeles, San Benito and San Diego counties.
Fund capital will help four developers complete those projects.
All six communities will serve families and utilize 4% Low-Income Housing Tax Credits, while 25 units will receive rental assistance through Section 8 vouchers.
Since its founding in Orange County in 1971, WNC has expanded into a national affordable housing investment organization. WNC and its affiliated companies have acquired approximately $22.1 billion of assets across 49 states, encompassing more than 1,800 affordable rental properties housing over 1 million residents.
KEY QUOTES:
“Closing CA23 is an important milestone for WNC as we celebrate our 55 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. 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.”
Will Cooper Jr., President and CEO of WNC
“While the affordable housing industry has changed considerably over the past five decades, WNC’s commitment to affordable housing remains consistent. Our ability to evolve with the market, develop strong institutional relationships, and continue supporting our developer partners has solidified our role as a trusted partner in advancing affordable housing.”
Christine Cormier, Executive Vice President of Investor Relations at WNC
