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9/12/24
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WNC & Associates (WNC) has closed WNC Institutional Tax Credit Fund X California Series 21 L.P. (Fund CA21), which includes six multifamily properties across California. Fund CA21, a $120 mil equity fund, closed in August 2024.
“In California, 77% of extremely low-income renter households spend more than 50% of their income on housing,” said Anand Kannan, President of WNC. “The closing of Fund CA21, which is focused on affordable housing finance in California, is a testament to our continued commitment to the development and preservation of affordable housing in our nation’s most populous state.”
The fund’s objective is to invest in partnerships or limited liability companies which own apartment complexes built or rehabilitated in California for low-income residents, including populations with specific needs such as senior, visually and hearing impaired, physically disabled, formerly homeless, special needs, and single parents. The fund enables federal low-income housing tax credits (LIHTC), as well as California state low-income tax credits, to be passed through to investors, who can then apply them to reduce federal or California tax liabilities, as appropriate.
Fund CA21 has made six investments representing 831 units. The investments are located across California, including three properties in Los Angeles County, and one property each in Santa Clara, San Diego and Santa Barbara Counties. Investments in affordable housing through Fund CA21 encompassed a mix of one new construction property and five preservations, including the rehabilitation of the historic Green Hotel in historic Old Town Pasadena, CA.
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