PNC Bank has announced the closing of a $251.4 million low-income housing tax credit (LIHTC) fund that will help provide more than 1,700 affordable homes nationwide.
LIHTC Fund 104 is expected to support 16 multifamily developments for families, seniors, and underserved populations. The fund includes investments from nine financial services and insurance companies, as well as PNC.
The portfolio includes a mix of new construction and rehabilitation developments designed to meet local community needs, and spans a diverse geographic footprint, including Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia, and Washington, D.C. Twelve properties will serve families, while four will provide homes for senior residents. In addition, seven properties will include rental assistance, further supporting housing stability for residents.
The properties range from a permanent supportive housing development in Los Angeles for seniors who are chronically homeless or living with disabilities to 224 units across three sites that will be rehabilitated for families in Kerrville, Texas.
"For nearly 30 years, PNC Multifamily Capital has brought together investors focused on delivering meaningful impact through the creation and preservation of quality, affordable homes," said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital. "We are grateful for their continued support, which will help strengthen 16 developments across the country and provide lasting stability for residents."
PNC Multifamily Capital is one of the industry's largest providers of affordable multifamily equity, as well as affordable and conventional debt. As of Dec. 31, it was managing approximately $16.2 billion in LIHTC equity that supports 1,280 affordable rental properties,138 New Markets Tax Credit investments, and 78 historic properties nationwide, as well as maintaining a $35.2 billion agency loan portfolio.