PNC announced that it has closed a $154 million low-income housing tax credit (LIHTC) fund.
PNC Real Estate Tax Credit Capital Institutional Fund 46 is comprised of investments in 25 operating partnerships involving affordable family and seniors properties. The portfolio includes 2,048 apartment units.
The properties are in 14 states, including California, Florida, Michigan, Pennsylvania, and Texas.
Ten institutional investors invested between $8 million to $21 million each to acquire limited partnership interests in the fund, said PNC, a leading LIHTC syndicator.