PNC Bank N.A. announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 96, which is investing $128 million in the development and rehabilitation of affordable rental housing.
According to the bank, the fund includes investments from PNC and four other banks and insurance companies. The housing funds will provide up to $128 million in financing for more than 1,400 affordable housing rental units in 13 multifamily properties in 10 states, including California, North Carolina, Virginia and Texas. Many of the projects are designed to serve families and special populations, including seniors, people experiencing homelessness, and those with special needs.
“As one of the largest syndicators of affordable housing, PNC Multifamily Capital is focused on financing the development of new and improved affordable housing across the country,” said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital. “Thanks to support from institutional investors, LIHTC Fund 96 will bring an additional 1,400 affordable housing rental units to 12 cities, addressing the nation’s growing affordable housing crisis.”
PNC Bank is the subsidiary of PNC Financial Services Group Inc. (NYSE:PNC).
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