WNC Closes $90M LIHTC Fund

WNC has closed its latest LIHTC Fund with $90 million in equity investments. WNC Institutional Tax Credit Fund 10 California Series 18 LP will provide institutional low-income housing tax credits for the development of 900 affordable housing units in California. Seven investors participated in the fund, including a new investor. This recent fund brings the firm’s total equity raise to $5.5 billion for the investment and development of affordable housing.

“Originally, the fund was launched with a target raise of $85 million, but WNC was able to close the fund with $90 million in equity raise—signaling that demand was slightly higher than expected,” Christine Cormier, SVP of investor relations at WNC, tells GlobeSt.com. “Regarding impact from COVID-19, investors were focused on any potential delays that we may encounter as a result of the pandemic.”