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PNC Multifamily Capital has closed its 100th low-income housing tax credit fund, which will invest more than $175 million into the development and rehabilitation of affordable housing across the country.
The investment will support the construction and rehabilitation of nearly 1,500 affordable homes in 17 properties across California, Colorado, Georgia, Illinois, Maryland, Oregon, Tennessee, Texas, Virginia, Washington, and Washington, D.C., helping people access safe and stable housing.
The fund includes investments from PNC and six other financial services and insurance companies.
PNC Multifamily Capital is one of the largest providers of affordable multifamily equity and both affordable and conventional debt in the industry.
“Reaching our 100th LIHTC fund is a testament to PNC’s unwavering commitment to addressing the affordable housing crisis,” said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital. “Through strong partnerships and innovative financing, we continue to expand access to safe, quality housing for families and individuals in communities across the country.”
A few notable projects in Fund 100 include:
- Rosenwald Pointe in Waynesboro, Virginia: The new construction of 53 affordable family units will deliver a broad spectrum of affordability—from homes for very low-income households earning just 30% of the area median income to workforce housing at 80%. In addition, comprehensive supportive services for all residents, including mental health case management, benefit assistance, employment training, transportation support, and independent living skills will be delivered by Valley Community Services Board;
- Marine Drive in Astoria, Oregon: The new construction of 33 units will include 32 permanent supportive housing apartments for individuals experiencing homelessness with serious and persistent mental illness. The development incorporates robust on-site services through Clatsop Behavioral Healthcare’s “Open Door” program, offering case management, peer support, counseling, life skills training, and health services. All units will be covered by rental assistance, ensuring residents pay no more than 30% of their income on rent; and
- 4345 Matilija in Los Angeles: The property will address a significant need for affordable housing in Los Angeles. Annual funding from Horizon Housing Foundation will support programs that promote self-sufficiency, housing stability, and economic mobility. Services will be coordinated by Northwest Stepping Stones, which connects residents to resources and offers life skills training, community engagement opportunities, and support plans tailored to individual needs.
As of Sept. 30, PNC Multifamily Capital manages approximately $15.8 billion in tax credit equity that supports more than 134,000 affordable rental units, 150 New Markets Tax Credit investments and 72 historic properties nationwide, as well as maintaining a $34 billion agency loan portfolio.