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PNC Multifamily Capital Announces $208 Million Affordable Housing Fund, Increasing Access to Affordable Housing Across the U.S.
PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC's LIHTC funds.
About this update from Pnc Financial Services Group, Inc. (the)
[{"type":"text","content":"PITTSBURGH, June 18, 2025 /PRNewswire/ -- PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC's LIHTC funds. ","length":461,"tagName":"p"},{"type":"text","content":"The investment will provide a positive impact nationwide by financing the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states: Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania and Texas. The properties are designed to serve families, seniors, people experiencing homelessness and those with special needs. A few notable projects include1:","length":445,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Albert Einstein Residence Center in Sacramento, California: Originally built in 1981, the renovation of the Einstein 78-unit apartment community will help ensure that the residents — all seniors — have affordable long-term housing. The residents will now benefit from supportive services provided onsite by a local organization. Services include community-building activities, health and wellness services, and coordination of external services.","length":445,"tagName":"p"}]},{"val":[{"type":"text","content":"Walnut Square Apartments in Allentown, Pennsylvania: The 38-unit property intends aims to provide affordable homes for individuals and families at or below 20%, 50% and 60% of the area median income (AMI). The units will be highly energy efficient, achieving Leadership in Energy and Environmental Design (LEED) Silver certification from the National Green Building Council and a reduced Home Energy Rating System (HERS) index certification. Residents will also receive onsite supportive services, including career counseling, professional skills development, financial education, and health and wellness support.","length":613,"tagName":"p"}]},{"val":[{"type":"text","content":"Stiegel School Apartments in Manheim, Pennsylvania: Focused on serving senior tenants, this 44-unit property is an adaptive reuse ...