18/07/2024 | Press release | Distributed by Public on 18/07/2024 13:06
New Brand Combines Strengths of PNC Real Estate's Agency Finance and Tax Credit Solutions Businesses
PITTSBURGH, July 18, 2024 - PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low Income Housing Tax Credit (LIHTC) Fund 95, which is investing $176 million in the development and rehabilitation of affordable rental housing for families, young adults and seniors across the U.S. The fund includes investments from PNC and seven other banks and insurance companies across the U.S. It marks the first syndicated investment fund under PNC Real Estate's recently rebranded multifamily debt and equity financing group, PNC Multifamily Capital.
"Each year, PNC Multifamily Capital provides billions of dollars in both debt and equity capital to construct or rehabilitate affordable rental and seniors housing across the U.S.," said Todd Crow, EVP and head of PNC Multifamily Capital. "Our new brand, which brings together our industry-leading tax credit solutions and agency finance capabilities under one umbrella, will maximize our impact in communities across our footprint and strengthen our efforts as we continue addressing the shortage in affordable housing supply."
The $176 million housing fund will provide financing for more than 1,800 affordable housing rental units in 14 multifamily properties in 11 states, including Arizona, California, Connecticut, Ohio and Texas, among others. Many of the projects intend to serve families, and special populations, including people experiencing homelessness, and those with special needs. A few notable projects include:
As the third largest syndicator of affordable housing, we are focused on continuing to address the nation's growing affordable housing crisis," said Megan Ryan, SVP and manager of Tax Credit Equity Syndication for PNC Multifamily Capital. "Our LIHTC funds have financed the development of new and improved affordable housing across the country, and thanks to support from seven institutional investors, LIHTC Fund 95 will bring an additional 1,800 affordable housing rental units to 13 cities."
By combining PNC's Tax Credit Solutions and Agency Finance businesses, PNC Multifamily Capital provides a comprehensive set of financial solutions to support projects that spur economic development, rehabilitate historic sites and provide critical community services. Services include investing, sponsoring, and syndicating funds in LIHTC, New Markets Tax Credits (NMTC), Historic Tax Credits (HTC) and affordable housing preservation (Preservation), as well as Agency financing (Fannie Mae DUSĀ®, Freddie Mac and FHA programs), bridge financing, construction financing and conventional financing. In 2023, PNC Multifamily Capital invested more than $1 billion of equity in more than 60 properties to create or preserve nearly 7,000 affordable homes across 22 states. To learn more, visit PNC Multifamily Capital.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
CONTACT:
Christina Davis
(214) 871-1259
[email protected]