IRVINE, Calif., May 09, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10 California Series 14, L.P. (CA 14), a $113 million institutional low-income housing tax credit (LIHTC) fund.
The fund will acquire nine properties in both suburban and urban parts of California, within the counties of Alameda, Contra Costa, Los Angeles, Placer, Riverside, San Diego and Santa Clara. Combined, the properties will offer 1,305 affordable housing units to individuals and families.
CA 14 is WNC’s 19th fund closed in the Golden State. Upon completion of all nine property acquisitions, WNC will have acquired more than 260 properties within California.
“WNC has successfully offered and closed a California LIHTC fund for 14 consecutive years, which speaks volumes about our organization’s commitment to providing affordable housing to individuals, families and communities in need,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber. “We are very pleased to have continuous support from our existing investors and development partners, as well as added support from new investors as we endeavor to increase the inventory of affordable housing nationwide.”
CA Fund 14 includes 10 institutional investors, nine of which have previously participated in WNC funds. Additionally, 85 percent of the developers are repeat partners.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7 billion of assets totaling in excess of 1,225 properties in 45 states, Washington D.C. and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. 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.
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Source:WNC & Associates