Finance
WNC Closes $66.3 Million Affordable Housing Fund for Six California Projects
The institutional tax credit fund will finance the construction of 650 affordable homes across Los Angeles, San Benito, and San Diego counties.
By OMI Desk ยท
The Brief
- WNC & Associates, Inc. raised $66.3 million for its latest California-focused affordable housing fund.
- The institutional fund will support the construction of 650 new affordable homes.
- The targeted developments are located in Los Angeles, San Benito, and San Diego counties.
- This close marks the 23rd consecutive multi-investor California fund completed by the firm.
The Brief - WNC & Associates, Inc. raised $66.3 million for its latest California-focused affordable housing fund. - The institutional fund will support the construction of 650 new affordable homes. - The targeted developments are located in Los Angeles, San Benito, and San Diego counties. - This close marks the 23rd consecutive multi-investor California fund completed by the firm.
WNC & Associates, Inc. has closed its 23rd consecutive California-focused multi-investor affordable housing fund, raising $66.3 million from institutional investors. The fund, officially named WNC Institutional Tax Credit Fund X California Series 23, L.P., will provide the equity necessary to build hundreds of new affordable housing units in several high-demand regions of the state.
What is the scope of the new housing fund?
The $66.3 million fund, also referred to as CA23, is designed to support the development of six new-construction affordable housing properties. Together, these projects will deliver a total of 650 homes to communities in California. The developments are spread across three distinct counties: Los Angeles County, San Benito County, and San Diego County.
Who are the primary participants in this transaction?
Irvine-based WNC & Associates, Inc. served as the sponsor and manager of the fund. The capital was raised from institutional investors who utilize tax credit programs to invest in community developments. The developers of the six individual properties and the specific institutional investors participating in this 23rd series were not named in the initial announcement.
How does this fund compare to WNC's historical activity?
This vehicle represents the 23rd consecutive year or series that WNC & Associates, Inc. has launched specifically targeting California's affordable housing sector. The firm has a long history of pooling institutional capital for low-income housing tax credit projects in the state. The table below compares the current fund's high-level metrics as disclosed by the sponsor:
| Fund Metric | Details | | :--- | :--- | | Fund Name | WNC Institutional Tax Credit Fund X California Series 23, L.P. | | Total Capital Raised | $66.3 Million | | Total Affordable Homes Supported | 650 Units | | Geographic Focus | Los Angeles, San Benito, and San Diego Counties |
What details remain unreported about the projects?
While the fund has officially closed, several details regarding the physical assets remain undisclosed. The specific municipal addresses, construction timelines, and completion dates for the six properties have not been released. Additionally, the breakdown of how the $66.3 million in equity is distributed among the Los Angeles, San Benito, and San Diego developments remains unspecified.
FAQ ### Where can readers find the original announcement for this fund closure? The closing of the fund was originally reported by Connect CRE, detailing the capital raise and geographic targets of WNC & Associates, Inc.
What specific tax credit program does this fund utilize? The fund operates as an institutional tax credit vehicle, which typically leverages federal and state Low-Income Housing Tax Credits to attract corporate equity.
Are there existing buildings being renovated under this fund? No. The fund is dedicated exclusively to six new-construction affordable housing properties rather than the rehabilitation of existing structures.
Sources - [Connect CRE](https://www.connectcre.com/stories/wnc-closes-on-23rd-california-focused-affordable-housing-fund/)
Frequently Asked Questions
Where can readers find the original announcement for this fund closure?
The closing of the fund was originally reported by Connect CRE, detailing the capital raise and geographic targets of WNC & Associates, Inc.
What specific tax credit program does this fund utilize?
The fund operates as an institutional tax credit vehicle, which typically leverages federal and state Low-Income Housing Tax Credits to attract corporate equity.
Are there existing buildings being renovated under this fund?
No. The fund is dedicated exclusively to six new-construction affordable housing properties rather than the rehabilitation of existing structures.