IRVINE, CA - 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.
“We continue to experience a strong demand from both our existing investor base and new investors,” said Wilfred Cooper, Jr., president and CEO of WNC. “Our 40 years in the affordable housing business, enduring relationships with top-tier developers and the strength of the market has been essential to the longstanding success of our California funds.”
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.
In March 2012, WNC closed a $100 million multi-investor LIHTC fund, financing 18 affordable housing properties located in 11 different states. The firm is currently on track to close a $100 million national fund in July 2012.
WNC offers national and state multi-investor funds, private label funds and New Markets Tax Credit (NMTC) funds. WNC has now invested in more than 234 properties totaling 13,509 units in California since its founding in 1971.
WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 15 community renewal projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.