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

"Originally, the fund was launched with a target raise of $85 million, but WNC was able to close the fund with $90 million in equity raise—signaling that demand was slightly higher than expected," Christine Cormier, SVP of investor relations at WNC, tells GlobeSt.com. "Regarding impact from COVID-19, investors were focused on any potential delays that we may encounter as a result of the pandemic."

The fund will develop and renovate units for five properties located in Los Angeles, Riverside, Sacramento and San Diego. These deals were in place prior to the onset of the pandemic and subsequent market dislocation. "The fund includes five properties that were under contract prior to the pandemic," says Cormier. "The real change in strategy occurred in our underwriting of the properties and additional sensitivities that were run assuming any potential delays that may be encountered."