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WNC Closes Equity Fund Representing Seven Apartment Properties
Irvine-based affordable housing investor WNC & Associates has closed WNC Institutional Tax Credit Fund X California Series 22, L.P. (CA22), which includes seven multifamily properties across California. CA22, a $119-million equity fund, closed in April.
The fund’s objective is to invest in partnerships or limited liability companies which own apartment complexes built or rehabilitated in California for low-income residents. The fund enables federal low-income housing tax credits, as well as California state low-income tax credits, to be passed through to investors, who can then apply them to reduce federal or California tax liabilities as appropriate.
CA22’s seven investments represent 693 units. The investments are located across California, including four properties in Los Angeles County, two in San Diego County, and one property in Kern County. Investments in affordable housing through CA22 encompass a mix of three new construction properties and four preservations.
Pictured: WNC’s Alora Apartments in San Marcos.
- ◦Sale/Acquisition
- ◦Financing
