#affordable housing #LIHTC Fund #PNC Bank

PNC Multifamily Capital Marks a Significant Milestone in Affordable Housing

In an impressive display of commitment to community growth and sustainability, PNC Bank, N.A. has announced the launch of its 100th Low-Income Housing Tax Credit (LIHTC) fund. With an investment surpassing $175 million, this milestone initiative aims to bolster the development and rehabilitation of affordable rental housing across the United States, positively impacting families, seniors, and vulnerable populations.

A Significant Investment for Affordable Housing

The newly launched LIHTC Fund 100 will finance nearly 1,500 affordable homes across 17 properties, strategically located in 10 states along with the District of Columbia. This impactful initiative demonstrates PNC's ongoing dedication to ensuring that Americans have access to safe and stable housing, an essential aspect of community vitality and individual well-being.

Among the states benefiting from this investment are:

• - California
• - Colorado
• - Georgia
• - Illinois
• - Maryland
• - Oregon
• - Tennessee
• - Texas
• - Virginia
• - Washington

Notable projects under this fund include a diverse array of housing solutions, each tailored to meet the unique needs of various communities.

Spotlight on Key Projects

1. Rosenwald Pointe - Waynesboro, VA: This project will provide 53 affordable family units, offering affordable options to families earning between 30% to 80% of the area median income. Beyond just housing, the project includes comprehensive services like mental health case management and employment training, offered by the Valley Community Services Board.

2. Marine Drive - Astoria, OR: This initiative will feature 33 units, primarily focusing on permanent supportive housing for individuals facing homelessness while dealing with serious mental health issues. With 32 of the units designated for this purpose, the on-site support will be available through Clatsop Behavioral Healthcare's