PNC has closed a $71 million low-income housing tax credit (LIHTC) fund for developments in eight states.
PNC Real Estate Tax Credit Capital Institutional Fund 42 is comprised of investments in 10 operating partnerships, with properties located in California, Louisiana, Maryland, Massachusetts, New Hampshire, New Mexico, Pennsylvania, and Texas.
“This marks our first tax credit equity fund closing of 2010 and shows continued interest in PNC-sponsored funds despite challenging economic conditions,” said Todd Crow, executive vice president of PNC Real Estate and manager of PNC Real Estate Tax Credit Capital. “While the investor clearly viewed this fund as an attractive investment, the real beneficiaries are the many families and seniors that make their homes in these properties.”
A single institutional investor acquired the limited partnership interests in the fund. The investor will derive a return based primarily on the receipt of LIHTCs and passive losses from real estate depreciation.
PNC Real Estate is part of The PNC Financial Services Group, Inc.