WNC Closes $50 Million California Affordable Housing Fund

WNC, a national investor in community renewal and affordable housing projects, has closed WNC Institutional Tax Credit Fund X, California Series 10. The $50 million multi-investor Low Income Housing Tax Credit (LIHTC) fund will finance eight affordable housing properties, totaling 445 units. This represents the 10th consecutive year WNC has closed a California affordable housing fund.  The eight-property portfolio includes seven properties for families and one for seniors, all of which are strategically located in seven counties throughout California. Four properties are newly constructed and four are rehab properties. Total development costs are approximately $125 million.  WNC partnered with seven different developer teams for the fund, six of which were repeat relationships. The fund closed with five institutional bank investors — three repeat investors and two investors new to WNC Funds.

MarketWatch

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