Moorehouse Apartments in Hermiston, Oregon, is one of the developments included in PNC Bank’s Low Income Housing Tax Credit Fund 92.
Moorehouse Apartments in Hermiston, Oregon, is one of the developments included in PNC Bank’s Low Income Housing Tax Credit Fund 92.

PNC Bank announced the closing of its latest low-income housing tax credit (LIHTC) fund, which will help finance the development or rehabilitation of affordable homes for families, young adults, and seniors across the country.

Low Income Housing Tax Credit Fund 92 is investing $127 million in 15 multifamily properties with 1,834 affordable units. The properties are in 10 states, including Idaho, Illinois, Indiana, Michigan, Minnesota, New Jersey, New York, Oregon, Texas, and Wisconsin.

The fund includes investments from PNC and six other banks and insurance companies in the United States.

A few notable projects include:

  • Westlawn Renaissance in Milwaukee, which will provide affordable housing to young adults who are aging out of foster care and are particularly at risk of becoming homeless. In addition to the new housing options, the campus intends to offer an array of supportive programs, including assistance with finding and sustaining employment, financial literacy programs, scholarships for post-secondary education, family self-sufficiency programs, and peer mentoring. The developer is the Housing Authority of the City of Milwaukee;
  • Culebra Road Apartments in San Antonio, which will have 199 units, with 178 designated for families earning at or less than 60% of the area median income (AMI). The other 21 units will be for families earning at or below 30% of the AMI. The developers are Tirol Communities and San Antonio Housing Trust Facility Corp.
  • Moorehouse Apartments in Hermiston, Oregon, which is an affordable housing community offering tenants assistance to overcome occupancy obstacles and household stabilization after admittance. The on-site community room will host programs for Latino families at no cost, such as after-school education programs, adult English language classes, and writing and reading courses. The community room will be designed as a classroom with wireless internet as well as desks or desk-height counters along the walls for study areas or laptop stations. The sponsor is Chrisman Development.

“PNC remains committed to investing in affordable housing in communities across the country,” said Megan Ryan, senior vice president and manager of investment syndication for PNC Tax Credit Solutions. “We’re thankful to the PNC LIHTC Fund 92 investors for their contributions, which will bring nearly 2,000 affordable housing rental units to 10 cities.”

An industry leader, PNC Bank invests in, sponsors, and syndicates funds investing in LIHTCs, New Markets Tax Credits, historic tax credits, and affordable housing preservation projects. PNC is one of a small number of banks that has launched a dedicated business, PNC Tax Credit Solutions, that is devoted to preserving and bolstering affordable housing supply and spurring economic development.