IRVINE, Calif., June 2, 2014 (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 12, LP (WNC Cal 12), a $48.5 million institutional low-income housing tax credit (LIHTC) fund. The fund, which includes 11 investors, will acquire nine properties located in four counties in California.
Comprised of seven family and two senior housing properties, WNC Cal 12 includes 714 units of affordable housing in Los Angeles, San Diego, San Bernardino and Kern counties.
WNC Cal 12 is the company's second California fund to close in the past 12 months, representing equity raise of $94.5 million in the last year. WNC has a long tradition of raising equity for affordable housing in the Golden State and has closed a total of 28 California funds that have acquired 185 properties in 45 counties. WNC is the only syndicator that has successfully offered and closed a California fund in each of the last 12 years.
"While other syndicators have come and gone in the California LIHTC market, we are very pleased to complete yet another successful offering with our development and investment partners," said WNC President and Chief Executive Officer Will Cooper, Jr. "California has one of the largest gaps in income equality, as well as some of the nation's most expensive housing. With the California Series 12 fund, WNC seeks to protect existing affordable housing projects through renovation and expand the stock of units available to the state's working families and low-income seniors."
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 $6.2 billion of assets totaling in excess of 1,200 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.
Julie Leber Spotlight Marketing Communications 949.427.5172, ext. 703 - direct