WNC closes $66.3M California affordable housing fund, its 23rd in the state
What's the deal? WNC & AssociatesDealroom has a profile for this one. Try Dealroom →, an Irvine-based affordable housing investor, has closed WNC Institutional Tax Credit Fund X California Series 23 (CA23), a $66.3 million fund backed by institutional investors. It is the family-owned firm's 23rd consecutive California-focused multi-investor fund.
Where the money goes: CA23 will finance six new-construction properties totalling 650 homes across Los Angeles, San Benito, and San Diego counties, helping four developers complete their projects. All six will serve families and use 4% Low-Income Housing Tax Credits (LIHTCs), with 25 units receiving rental assistance through Section 8 vouchers.
Why now? The close coincides with WNC's 55th year of operations. "Closing CA23 is an important milestone for WNC as we celebrate our 55th year of operations," said Will Cooper Jr., president and chief executive officer.
What's the endgame? WNC's 23 consecutive California funds have raised nearly $1.5 billion and supported 161 properties — 15,573 homes and $4.2 billion in total development costs across 34 counties. The investments span urban, suburban, and rural communities.
The bigger footprint: Founded in Orange County in 1971, WNC has grown into a national organisation. Combined with its affiliates, the WNC companies have acquired roughly $22.1 billion in assets across 49 states, including more than 1,800 rental properties housing over 1 million residents.
The signal: With offices in 18 states and ties to more than 400 developers and 175 institutional investors, WNC's steady stream of state-focused funds shows how tax-credit syndication continues to channel institutional capital into affordable housing where supply is short. "In states where housing is in short supply, our work to create and preserve tens of thousands of affordable homes has a real and needed impact," Cooper said.
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