The fund will acquire eight properties in both suburban, urban and rural parts of California within the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo, Napa and San Luis Obispo. Combined, the properties will offer nearly 500 affordable housing units to seniors and families throughout the Golden State.
CA 15 is WNC’s 20th closed institutional fund focused on the development or rehabilitation of quality affordable housing in California, where demand far exceeds supply. Upon completion of all eight property acquisitions, WNC will have acquired more than 300 properties within California.
“For 15 consecutive years, WNC has successfully offered and closed a LIHTC fund focused solely on supporting the affordable housing stock within the state of California, which is particularly limited,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “Amid ongoing dialogues between the Trump administration and Congress regarding potential tax reform, WNC overcame unique structuring challenges to close this fund, working together with its development and investment partners to provide quality affordable housing units throughout the state.”
CA Fund 15 includes six institutional investors, five of which have previously participated in WNC funds.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.
Contact
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – direct
[email protected]
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/wnc-closes-85-million-california-institutional-lihtc-fund-300482757.html
SOURCE WNC
