PNC Bank’s latest affordable housing fund will invest in the development or rehabilitation of more than 1,700 homes in 13 properties.
PNC Low Income Housing Tax Credit Fund 87 raised $161 million with investments from PNC and eight of the largest national banks and insurance companies.
“We’re thankful to our eight investors, including two new investors, for their commitments to the fund and for their ongoing commitments to building and preserving affordable rental housing across the country,” said Megan Ryan, senior vice president and manager of investment syndication at PNC Tax Credit Solutions.
The financing will support developments in 10 states, and many of the projects will serve special populations, including survivors of domestic violence, people experiencing homelessness, and heads of household with a disability.
The projects include Dillon School Senior Apartments, which will bring affordable housing to seniors on a renovated historic school campus in Dillon, South Carolina; Wildwood Trace, a 50-unit development in the Chicago metro area for residents earning between 30% and 60% of the area median income, including 10 homes for families headed by an individual with a disability or illness; and 5800 Housing, which will provide housing options for people who will lose a fixed regular and adequate nighttime residence or those fleeing from dangerous conditions in Detroit, including 16 units for individuals with a disability experiencing homelessness.