The Low-Income Housing Tax Credit (LIHTC) Fund 98, a fund that includes investments from PNC Bank and seven other financial services and insurance companies, recently closed on more than $208 million in investments in the development and rehabilitation of affordable rental housing nationwide.
“The LIHTC Fund 98 closing illustrates PNC Multifamily Capital’s continued and longstanding commitment to financing new and improved affordable housing across the country,” Megan Ryan, PNC Multifamily Capital Tax Credit Equity Syndication senior vice president and manager, said. “As the nation continues to grapple with a shortage of affordable housing, the fund, which is made possible by our institutional investors, will bring much needed relief in the form of more than 2,000 affordable homes to communities throughout the country.”
The investment will finance the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties in 11 states. Projects include:
The Stiegel School Apartments in Manheim is a 44-unit property serving senior citizens.
The Walnut Square Apartments in Allentown is a 38-unit property for individuals and families at or below 20 percent, 50 percent and 60 percent of the area median income. Residents also will receive onsite supportive services.
PNC Multifamily Capital is a provider of affordable multifamily equity.