PNC Multifamily Capital Announces $208 Million Affordable Housing Fund, Increasing Access to Affordable Housing Across the U.S.

Core Insights - PNC Bank has closed Low-Income Housing Tax Credit (LIHTC) Fund 98, investing over $208 million in affordable rental housing development and rehabilitation across the U.S. [1][2] - The fund will finance the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states, addressing the ongoing shortage of affordable housing [2][5] - PNC Multifamily Capital is a leading provider of affordable multifamily equity and debt, managing approximately $15.5 billion in tax credit equity supporting over 133,000 affordable rental units [2][3] Investment Details - The LIHTC Fund 98 includes investments from PNC and seven other financial services and insurance companies, with two new investors participating [1][2] - Notable projects include the renovation of the Albert Einstein Residence Center in Sacramento, California, and the Walnut Square Apartments in Allentown, Pennsylvania, which will provide supportive services to residents [5] Company Overview - PNC Bank is part of The PNC Financial Services Group, Inc., one of the largest diversified financial services institutions in the U.S., offering a range of banking and financial services [3][4] - PNC Real Estate, a segment of PNC Bank, provides commercial real estate financing and investment advisory services for affordable housing projects [4]