WNC & Associates, based in Irvine, has successfully closed Fund CA21 – a $120 million equity fund focused on affordable housing finance in California. This fund includes six multifamily properties across the state and was completed in August.
According to WNC President Anand Kannan, this closing is significant as it addresses the issue of extremely low-income renter households spending more than 50% of their income on housing. The company remains committed to developing and preserving affordable housing options for residents in California.
The main objective of Fund CA21 is to invest in partnerships or limited liability companies that own apartment complexes built or rehabilitated specifically for low-income residents with specific needs. This allows investors to receive federal Low-Income Housing Tax Credits as well as California state low-income tax credits.
One notable investment made by Fund CA21 is the rehabilitation of Green Hotel located within Pasadena’s Old Town area (pictured above). With this successful closure, WNC continues its mission towards providing much-needed affordable housing solutions throughout the nation’s most populous state.
