WNC has closed its latest LIHTC Fund with $90million in equity investments. WNC Institutional Tax Credit Fund 10California Series 18 LP will provide institutional low-incomehousing tax credits for the development of 900 affordable housingunits in California. Seven investors participated in the fund,including a new investor. This recent fund brings the firm's totalequity raise to $5.5 billion for the investment and development ofaffordable housing.

"Originally, the fund was launched with a target raise of $85million, but WNC was able to close the fund with $90 million inequity raise—signaling that demand was slightly higher thanexpected," Christine Cormier, SVP of investorrelations at WNC, tells GlobeSt.com. "Regarding impact fromCOVID-19, investors were focused on any potential delays that wemay encounter as a result of the pandemic."

The fund will develop and renovate units for five propertieslocated in Los Angeles, Riverside, Sacramento and San Diego. Thesedeals were in place prior to the onset of the pandemic andsubsequent market dislocation. "The fund includes five propertiesthat were under contract prior to the pandemic," says Cormier. "Thereal change in strategy occurred in our underwriting of theproperties and additional sensitivities that were run assuming anypotential delays that may be encountered."