IRVINE, Calif., Dec. 13, 2016 (GLOBE NEWSWIRE) -- WNC, a national investor in real estate and community development initiatives, announced today that 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.
About WNC
WNC, founded in 1971 and headquartered in Irvine, Calif., is a national investor in real estate and community development initiatives, as well as a leading investor in low-income housing tax credits (LIHTC). WNC has acquired more than $7.7 billion of assets totaling in excess of 1,300 properties in 45 states, Washington D.C., and the U.S. Virgin Islands. Since 2000, WNC has been awarded four New Markets Tax Credit (NMTC) allocations, totaling $178 million, and has facilitated development of 17 low-income community projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.