WNC & Associates, based in Irvine, has successfully closed WNC Institutional Tax Credit Fund X California Series 21, L.P. This $120 million equity fund focuses on affordable housing finance and includes six multifamily properties located throughout California. The closing of Fund CA21 in August is a significant achievement for the company.
According to Anand Kannan, president of WNC, a large percentage (77%) of extremely low-income renter households in California spend more than half their income on housing costs. This highlights the urgent need for affordable housing options in the state. By investing in partnerships or limited liability companies that own apartment complexes built or rehabilitated specifically for low-income residents with specific needs, this fund aims to address this issue.
The key objective of Fund CA21 is to enable federal Low-Income Housing Tax Credits and California state low-income tax credits to be passed through to investors by investing them into eligible projects within the state. One such project is pictured here: The Green Hotel located within Pasadena’s Old Town district which was rehabilitated using investments from Fund CA21.
