WNC Closes on $113M Fund to Acquire Calif. Affordable Housing
- May 12, 2016
Irvine, Calif.—WNC, a specialist in real estate and community development initiatives, has closed its WNC Institutional Tax Credit Fund 10 California Series 14 LP (CA 14). It’s a $113 million institutional low-income housing tax credit (LIHTC) fund.
CA Fund 14 includes 10 institutional investors, nine of which have previously participated in WNC funds. Also, 85 percent of the developers are repeat partners.
The fund will acquire nine properties in both suburban and urban parts of California, within the counties of Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. Combined, the properties will include 1,305 affordable housing units.
CA 14 is WNC’s 19th fund closed in the Golden State. Upon completion of all nine property acquisitions, Irvine-based WNC will have acquired more than 260 properties in California.
WNC recently received the Community Development Financial Institution (CDFI) certification from the California Organized Investment Network (COIN), a part of the California Department of Insurance. CDFIs are defined by COIN as mission-driven private financial institutions in California dedicated to providing financial products and services to communities underserved by traditional financial markets.