PITTSBURGH — PNC Bank announced the closing of a $251.4 million fund focused on the development and preservation of affordable rental housing across the country.
The Low-Income Housing Tax Credit Fund 104 includes investments from nine financial services and insurance companies, as well as PNC, and reflects PNC Multifamily Capital’s continued commitment to addressing the national shortage of affordable housing through strategic investments and partnerships.
Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 critically needed affordable homes for families, seniors and underserved populations. 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. Some 75% of the properties will serve families and the remainder will provide homes for senior residents.
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