#United States #Pittsburgh #affordable housing #LIHTC Fund #PNC Bank

PNC Multifamily Capital's Commitment to Affordable Housing

In a significant move towards addressing the growing affordable housing crisis in the United States, PNC Bank, N.A. has announced the closing of its latest investment vehicle, Low-Income Housing Tax Credit (LIHTC) Fund 98, which has mobilized over $208 million. This strategic venture aims to improve access to affordable housing across various communities by financing the development and rehabilitation of rental units nationwide.

The fund's latest closing includes investments from PNC and seven other financial institutions, marking a diverse partnership that highlights the collaborative effort needed to tackle the housing challenge. This initiative will help construct or renovate more than 2,000 affordable residential units spread across 15 multifamily properties in 11 states, which include Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania, and Texas.

Key Projects Under Fund 98

Among the notable projects financed by this fund are:

1. Albert Einstein Residence Center, Sacramento, California
Originally built in 1981, this renovation project for the 78-unit community aims to provide affordable long-term housing tailored specifically for seniors. Residents will benefit from onsite supportive services, including community-building activities and health programs, coordinated by local organizations.

2. Walnut Square Apartments, Allentown, Pennsylvania
This 38-unit property focuses on catering to individuals and families earning at or below 20%, 50%, and 60% of the area median income (AMI). The development takes a green approach, achieving LEED Silver certification and providing energy-efficient living arrangements. Residents will also be equipped with access to supportive services, including career counseling, skills development, and wellness programs.

3. Stiegel School Apartments, Manheim, Pennsylvania
A unique initiative converting the historic Stiegel Elementary school building into 44 apartment homes for seniors, this site will offer housing options for those earning between 20% to 80% of the AMI. Coupled with a dedicated program to support the senior community, residents will receive assistance through collaborations with local nonprofit organizations.

The Broader Impact

Megan Ryan, Senior Vice President and manager of Tax Credit Equity Syndication for PNC Multifamily Capital, reflects on this closing as a testament to PNC's enduring commitment to enhancing affordable housing. As the nation continues to grapple with a severe shortage of affordable housing options, Fund 98 will deliver critical relief by introducing more than 2,000 affordable homes to communities.

PNC Multifamily Capital stands out as a premier provider of affordable equity financing, engaging with developers, investors, and local organizers to promote the construction of multifamily housing as well as rehabilitating historically significant sites. As of the end of 2024, they manage an impressive $15.5 billion in tax credit equity and have supported over 133,000 affordable rental units across the nation.

Conclusion

The establishment of this latest fund underlies a critical urgency to address affordable housing challenges and improve living conditions across the U.S. It emphasizes the collective responsibility that corporate citizens like PNC Bank hold in fostering stronger communities through tangible housing solutions. To learn more about PNC Multifamily Capital and its initiatives, visit www.pnc.com/pncmultifamilycapital.