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WNC & Associates Closes $120M Tax Credit Fund
Irvine-based WNC & Associates has closed WNC Institutional Tax Credit Fund X California Series 21, L.P., which includes six multifamily properties across California. Fund CA21, a $120-million equity fund, closed in August.
“In California, 77% of extremely low-income renter households spend more than 50% of their income on housing,” said Anand Kannan, president of WNC. “The closing of Fund CA21, which is focused on affordable housing finance in California, is a testament to our continued commitment to the development and preservation of affordable housing in our nation’s most populous state.”
The fund’s objective is to invest in partnerships or limited liability companies that own apartment complexes built or rehabilitated in California for low-income residents, including populations with specific needs. The fund enables federal Low-Income Housing Tax Credits, as well as California state low-income tax credits, to be passed through to investors.
Pictured: The rehabilitated Green Hotel in Pasadena’s Old Town, an investment of Fund CA21.
- ◦Financing
