IRVINE, Calif., May 14, 2020 /PRNewswire/ -- WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 18 LP (CA 18), which raised $90 million in institutional low-income housing tax credit (LIHTC) equity from investors. The LIHTC equity will be used to develop and renovate nearly 900 affordable housing units in California.
A total of seven investors participated in CA 18, which will develop and renovate units for families and seniors at five properties in Los Angeles County, Riverside County, Sacramento County and San Diego County.
"WNC's completion of this California LIHTC fund amidst the economic challenges that have emerged as a result of the current pandemic speaks volumes to the strength and stability of affordable housing investments," said WNC Senior Vice President of Investor Relations Christine Cormier. "Our firm has been a leading player in affordable housing for nearly 50 years, and the current economic crisis is a compelling demonstration of the importance of our mission to provide safe, affordable housing to those in need."
Cormier added that WNC welcomed a new investor in this fund, and further cemented its long-standing relationships with six others. The completion of CA 18 brings WNC's total equity raise since inception to $5.5 billion, which has helped develop and renovate more than 90,000 affordable housing units across the country. To-date, the firm has acquired approximately $10.6 billion of assets in 47 states, Washington D.C. and the U.S. Virgin Islands.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in affordable housing and community development initiatives. The firm has acquired approximately $10.6 billion of assets totaling in excess of 1,400 properties in 47 states, Washington D.C., and the U.S. Virgin Islands. 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.