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Pittsburgh-based PNC Bank, a member of The PNC Financial Services Group Inc. (NYSE: PNC), announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing.

According to the company, the fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC’s LIHTC funds. The investment will be used to finance the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states – Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania and Texas – that will be designed to serve families, seniors, people experiencing homelessness and those with special needs.

“The LIHTC Fund 98 closing illustrates PNC Multifamily Capital’s continued and longstanding commitment to financing 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. “As the nation continues to grapple with a shortage of affordable housing, the fund, which is made possible by our institutional investors, will bring much needed relief in the form of more than 2,000 affordable homes to communities throughout the country.”