May 11, 2016
Irvine-based WNC has reportedly closed on a $113 million institutional low-income housing tax credit (LIHTC) fund. The fund will acquire nine properties in the California counties of Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. Combined, the properties will offer 1,305 affordable housing units to individuals and families.
This marks the 19th fund closed in California, and when all acquisitions are completed, WNC will have acquired more than 260 properties in the Golden State. 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.
“WNC has successfully offered and closed a California LIHTC fund for 14 consecutive years, which speaks volumes about our organization’s commitment to providing affordable housing to individuals, families and communities in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber.