PNC Real Estate recently closed a $256 million low-income housing tax credit fund comprised of investments in 31 developments.

“This marks our largest tax credit equity fund syndication and shows continued interest in PNC-sponsored funds despite challenging economic conditions,” said Todd Crow, executive vice president and manager of tax credit capital.

The properties are in 18 states, including California, Florida, Indiana, Louisiana, and Michigan, and feature 3,785 apartments.

Twelve institutional investors acquired limited partnership interests in PNC Tax Credit Capital Institutional Fund 45.

PNC Real Estate is a member of The PNC Financial Services Group, Inc.