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| Michael Gaber |
IRVINE, CA, June 30, 2017
– WNC, a national investor in real estate and community development
initiatives, announced today it has closed WNC Institutional Tax Credit Fund 10
California Series 15, L.P. (CA 15), an $85 million institutional low-income
housing tax credit (LIHTC) fund.
The fund will acquire
eight properties in both suburban, urban and rural parts of California within
the cities of Anaheim, Cathedral City, Lincoln, Los Angeles, Mission Viejo,
Napa and San Luis Obispo.
Combined, the properties will offer nearly 500
affordable housing units to seniors and families throughout the Golden State.
CA 15 is WNC’s 20th closed
institutional fund focused on the development or rehabilitation of quality
affordable housing in California, where demand far exceeds supply. Upon completion of all eight property
acquisitions, WNC will have acquired more than 300 properties within
California.
“For 15 consecutive years,
WNC has successfully offered and closed a LIHTC fund focused solely on
supporting the affordable housing stock within the state of California, which
is particularly limited,” said WNC Executive Vice President and Chief Operating
Officer Michael Gaber.
“Amid ongoing dialogues
between the Trump administration and Congress regarding potential tax reform,
WNC overcame unique structuring challenges to close this fund, working together
with its development and investment partners to provide quality affordable
housing units throughout the state.”
CA Fund 15 includes six
institutional investors, five of which have previously participated in WNC
funds.
For a
complete copy of the company’s news release, please contact:
Julie Leber
Spotlight Marketing
Communications
949.427.5172, ext. 703
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