Across 41 California funds, WNC has invested more than $4 billion in acquired portfolio assets across 350 properties in 180 communities
IRVINE, Calif., Sept. 8, 2026 /PRNewswire/ — WNC & Associates, Inc. (WNC), an Irvine-based family-owned business known as both a pioneer and leader in the affordable housing industry, announced the closing of WNC Institutional Tax Credit Fund X California Series 23, L.P. (CA23). The $66.3 million fund is the company’s 23rd consecutive California-focused multi-investor affordable housing fund for institutional investors. Over its 55 years, WNC has sponsored 41 California-focused funds and invested in 350 properties across 180 communities in the state, in addition to its national footprint.
“Closing CA23 is an important milestone for WNC as we celebrate our 55th year of operations. We are proud of our California roots and the role our home state has played in WNC’s growth into a national affordable housing organization,” said Will Cooper Jr., president and CEO of WNC. “In states where housing is in short supply, our work to create and preserve tens of thousands of affordable homes has a real and needed impact.”
WNC’s 23 consecutive California-focused funds have raised nearly $1.5 billion and supported 161 affordable housing properties representing 15,573 homes and $4.2 billion in total development costs. The investments span 34 counties across the state, supporting both the creation of new affordable homes and the preservation of existing housing in urban, suburban, and rural communities.
CA23 includes six new-construction affordable housing properties totaling 650 homes across Los Angeles, San Benito, and San Diego counties; financing from the fund will help four developers bring their projects to completion. All six properties will serve families and utilize 4% Low-Income Housing Tax Credits (LIHTCs), with 25 units receiving rental assistance through Section 8 vouchers.
“While the affordable housing industry has changed considerably over the past five decades, WNC’s commitment to affordable housing remains consistent,” said Christine Cormier, executive vice president of investor relations at WNC. “Our ability to evolve with the market, develop strong institutional relationships, and continue supporting our developer partners has solidified our role as a trusted partner in advancing affordable housing.”
Since its founding in Orange County in 1971, WNC has grown from its California roots into a national affordable housing organization, investing in communities across the country while maintaining a significant presence in the state.
About WNC & Associates, Inc.
Founded in 1971, WNC & Associates, Inc. is a family-owned business known as both a pioneer and leader in the affordable housing industry. WNC and its affiliated companies—Community Preservation Partners, The Cooper Housing Institute, and Preservation Equity Fund Advisors—specialize in tax credit syndication, affordable housing development, and preservation equity fund investments. Combined, the WNC companies have acquired approximately $22.1 billion in assets across 49 states, including more than 1,800 affordable rental properties that house more than 1 million residents. With offices in 18 states, WNC has partnered with more than 400 developers and 175 institutional investors. To learn more, visit: https://www.wncinc.com/.
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SOURCE WNC & Associates, Inc.
