WNC Closes First Fund Dedicated to Preserving California Affordable Housing Communities

Will Cooper Jr.

IRVINE, Calif. –– WNC, a national investor in real estate and community development initiatives, announced it has closed WNC California Preservation Equity Fund, the firm’s first institutional fund exclusively dedicated to preserving affordable housing communities in California. 

WNC California Preservation Equity Fund is expected to acquire and preserve $120 million of affordable housing communities.

“The demand for affordable housing in California outweighs the available supply, resulting in a crucial need to preserve aging low-income homes,” said WNC President and Chief Executive Officer Will Cooper, Jr. “WNC is pleased to close this fund with the support of five CRA-qualified investors as we work to preserve and protect these vitally needed affordable housing communities.”

To date, WNC has invested equity from the fund into the preservation of five low-income housing communities in the counties of Los Angeles, Orange, Riverside and Madera. Combined, the five properties offer 507 affordable housing units to seniors and families.

WNC California Preservation Equity Fund is anticipated to be fully invested by the fourth quarter of 2017. The fund is structured to provide investors a cash-on-cash return.

  For a complete copy of the company’s news release, please contact:

    Julie Leber                                                                         

    Spotlight Marketing Communications                    

    949.427.5172, ext. 703                   

    julie@spotlightmarcom.com

        

www.wncinc.com.