WNC & Associates Closes $119 Million California Affordable Housing Fund

IRVINE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry, has closed WNC Institutional Tax Credit Fund X California Series 22, L.P. (CA22) which includes seven multifamily properties across California. CA22, a $119M equity fund, closed in April 2025.

“California continues to face an unprecedented demand for affordable housing, and WNC is proud to be part of the solution,” said Anand Kannan, President of WNC. “With CA22, we are deepening our commitment to communities across the state by investing in high-impact developments that provide long-term housing stability for families, seniors, and individuals.”

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.

“We continue to strengthen our investor relationships at WNC,” added Christine Cormier, Executive Vice President of Investor Relations at WNC. “Through CA22, we partnered with seven returning investors— further demonstrating the value and trust in our platform, and the collective commitment to creating much-needed affordable housing throughout California.”

CA22 has made seven investments representing 693 units. The investments are located across California, including four properties in Los Angeles County, two in San Diego County, and one property in Kern County. Investments in affordable housing through CA22 encompass a mix of three new construction properties and four preservations.

About WNC & Associates 
Founded in 1971, WNC & Associates (WNC) is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $18.2 billion in assets across 48 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 16 states, WNC has partnered with more than 400 developers and 125 institutional investors. To learn more, visit: https://www.wncinc.com/. 

Media Contact:
IDEA HALL
Andy Vernier
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