Irvine’s WNC Closes $66.3 Million Fund for California Housing

The newly closed WNC Institutional Tax Credit Fund X California Series 23, L.P. (CA23) is set to support the development of 650 affordable homes across Los Angeles, San Benito, and San Diego counties. By leveraging 4% Low-Income Housing Tax Credits, the fund provides critical financing for four developer partners, with 25 units specifically designated for Section 8 rental assistance. These projects prioritize family housing, addressing persistent supply shortages in high-demand markets.

Since its founding in Orange County in 1971, WNC has expanded from a local operator into a national organization, yet its California portfolio remains a cornerstone of its business model. Across 41 state-specific funds, the company has supported 15,573 homes through 161 properties, spanning 34 counties. According to CEO Will Cooper Jr., the firm’s ability to navigate market shifts while maintaining long-term institutional relationships has been fundamental to its longevity. Executive Vice President Christine Cormier noted that the company’s focus remains consistent: evolving alongside the affordable housing sector to ensure the creation and preservation of essential living spaces for residents across urban, suburban, and rural communities.