WNC’s Latest California Housing Fund Closes
The fund has invested in seven SoCal communities.
WNC & Associates has closed on WNC Institutional Tax Credit Fund X California Series 22 L.P., a $119 million equity fund intended invest in limited liability companies and partnerships that own and build affordable housing in Southern California.
So far, CA22 has invested in seven properties totaling 693 units located in areas with specific resident needs. These include hearing and visual aid, assistance for seniors, the unhoused, single parents and renters with special needs. The properties are a mix of four preservations and three new construction builds. Four properties are in Los Angeles County, two are in San Diego County and one in is Kern County. The property names were not disclosed.
CA22 represents WNC’s 22nd California fund, having closed on one each year for the past 22 years. This fund’s closure follows WNC’s $120 million Institutional Tax Credit Fund X California Series 21 L.P. , which closed in August and included six California multifamily properties.
Christine Cormier, executive vice president of investor relations at WNC, told Multi-Housing News that this fund’s investments cater to their areas’ specific demographic challenges.
“What attracted us most to these seven properties was their geographic diversity, strong local partnerships, and the potential for real impact—especially in underserved areas where affordable housing is urgently needed,” Cormier said. “Each site represents a meaningful step toward improving lives and creating stability for families across the state.”
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By investing in partnerships and limited liability companies that develop and restore apartment communities, the funds directly support low-income individuals, including seniors, people with disabilities, the formerly homeless and single parents—populations that often struggle to secure stable housing.
The funds also facilitate using federal and state low-income housing tax credits, making it financially viable for investors to participate in housing initiatives. This helps to reduce federal and state tax liabilities while creating long-term community stability.
WNC Companies have acquired approximately $18.2 billion in assets in 48 states since its inception in 1971. These include 1,800 affordable rental properties that house more than 1 million residents.
WNC builds in Texas
In late April, WNC & Associates partnered with Pedcor Companies to began construction on Willow Creek Manor, a 264-unit affordable housing community located in Kohrville, Texas. The $79.8 million project should finish in 2027.
Four percent of the property’s construction was funded through Low Income Housing Tax Credits, tax-exempt bonds, and an (FHA 221(d)4) loan from the Department of Housing and Urban Development.
