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WNC Closes $94.2M California Institutional LIHTC Fund
Irvine, CA-based WNC closed WNC Institutional Tax Credit Fund 10 California Series 16, L.P. (CA 16), a $94.2 million institutional low-income housing tax credit (LIHTC) fund. The fund will rehabilitate six affordable housing properties in both suburban and urban areas of California.
The properties, located within Antelope, Los Angeles, National City, Sacramento and San Marcos, will provide 972 affordable housing units to families throughout California.
WNC’s Michael Gaber says, “This is the 21st fund WNC has closed that focuses on the development or rehabilitation of quality affordable housing in the state of California.”
The investor “was able to close this fund within two months of the enactment of tax reform, despite the difficult environment reform has created,” said WNC’s Christine Cormier.
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