PNC Bank announced the closing of a $176 million low-income housing tax credit (LIHTC) fund.
It’s the first syndicated investment fund under PNC Real Estate’s recently rebranded multifamily debt and equity financing group, PNC Multifamily Capital.
“Our new brand, which brings together our industry-leading tax credit solutions and agency finance capabilities under one umbrella, will maximize our impact in communities across our footprint and strengthen our efforts as we continue addressing the shortage in affordable housing supply,” said Todd Crow, executive vice president head of PNC Multifamily Capital.
LIHTC Fund 95 includes investments from PNC and seven other banks and insurance companies across the U.S.
It will help finance more than 1,800 affordable housing rental units in 14 multifamily properties in 11 states, including Arizona, California, Connecticut, Ohio, and Texas. Many of the projects intend to serve families as well as special populations, including people experiencing homelessness and those with special needs. A few notable projects include:
· Manzanilla Commons in Fresno, California: Half of the units at Manzanilla Commons, formerly Step Up on 99, are reserved for previously homeless and residents with special needs. Turning Point of Central California, a nonprofit agency operating since 1970, will provide resident services;
· Charlestown Flats in Charlestown, Indiana: All units of Charlestown Flats will be reserved for residents earning at or less than 60% of the area median income (AMI). Rainbow Housing Assistance Corp. will provide adult continuing education programs, such as English as a second language, general educational development, financial literacy, and job skills. It will also offer youth enrichment and development programs, social interaction and recreation opportunities, and access to community-based social service programs; and
· Rosemont at Ash Creek in Dallas: All units of Ash Creek Housing in Dallas will be reserved for residents earning at or less than 50% of the AMI. Resident services, such as after-school programs, adult education programs, health screenings, family counseling, and family crisis intervention, will be provided by Portfolio Resident Services through the Good Neighbor Program.
“Our LIHTC funds have financed the development of new and improved affordable housing across the country, and, thanks to support from seven institutional investors, LIHTC Fund 95 will bring an additional 1,800 affordable housing rental units to 13 cities,” said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital.
