IRVINE, Calif., June 12, 2013 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today it has closed WNC Institutional Tax Credit Fund X, California Series 11 L.P., a $46 million institutional low-income housing tax credit (LIHTC) fund.
WNC Institutional Tax Credit Fund X, California Series 11, includes nearly 800 units of affordable housing spread across 10 properties and five counties in California. The properties include senior and family housing, with a combination of new construction and rehabilitation developments.
This is the company's 11th institutional fund focused solely on Calif. since 2001, and will fund the development of two new affordable housing projects and the rehabilitation of eight existing communities. Since its founding, WNC-sponsored funds have invested in nearly 250 properties totaling more than 14,000 units in California, with its national portfolio now approaching 1,200 properties.
"This fund is comprised of seven California-based institutional investors, including two new investors and five that have participated in prior WNC funds," said Will Cooper Jr., President and Chief Executive Officer of WNC. "We continue to experience high demand for LIHTC investments and are thankful to continue working with our existing development and investment partners, as well as forge new relationships."
WNC Institutional Tax Credit Fund X, California Series 11 includes eight properties that will be constructed by existing development partners of WNC, while welcoming two new partners to the company's portfolio.
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives. WNC has acquired more than $5.9 billion of assets totaling in excess of 1,100 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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