WNC’s CA 18 fund raises $90m for low income housing in California

WNC has closed its WNC Institutional Tax Credit Fund 10 California Series 18 fund (CA 18) with $90 million in institutional low-income housing tax credit (LIHTC) equity.

A total of seven investors committed to the fund — one of which was a first-time investor in the fund.

The LIHTC equity will be used to develop and renovate nearly 900 affordable housing units for families and seniors in California. The developments will take place at five properties in Los Angeles County, Riverside County, Sacramento County and San Diego County.

“WNC’s completion of this California LIHTC fund amidst the economic challenges that have emerged as a result of the current pandemic speaks volumes to the strength and stability of affordable housing investments,” said Christine Cormier, senior vice president of investor relations at WNC. “Our firm has been a leading player in affordable housing for nearly 50 years, and the current economic crisis is a compelling demonstration