New $175 million fund to support 17 developments, creating homes for families, seniors and vulnerable populations, including Los Angeles location
PNC Bank, N.A., a tax credit syndication leader, has announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 100, which is investing more than $175 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and six other financial services and insurance companies.
This milestone marks the 100th fund sponsored by PNC and underscores its long-standing commitment to creating and preserving affordable housing across the United States. The investment will support the construction or rehabilitation of nearly 1,500 affordable homes in 17 properties across 10 states and the District of Columbia, including California, Colorado, Georgia, Illinois, Maryland, Oregon, Tennessee, Texas, Virginia, Washington and Washington, D.C., helping families, seniors and vulnerable populations access safe and stable housing.
One of the notable projects is 4345 Matilija in Los Angeles, a property that will address a significant need for affordable housing in Los Angeles. Annual funding from Horizon Housing Foundation will support programs that promote self-sufficiency, housing stability and economic mobility. Services will be coordinated by Northwest Stepping Stones, which connects residents to resources and offers life skills training, community engagement opportunities and support plans tailored to individual needs.
“Reaching our 100th LIHTC fund is a testament to PNC’s unwavering commitment to addressing the affordable housing crisis,” said Megan Ryan, senior vice president and manager of Tax Credit Equity Syndication for PNC Multifamily Capital. “Through strong partnerships and innovative financing, we continue to expand access to safe, quality housing for families and individuals in communities across the country.”
PNC Multifamily Capital is one of the largest providers of affordable multifamily equity and both affordable and conventional debt in the industry.
Through tax credit equity, agency lending programs and traditional bank balance sheet lending, PNC Multifamily Capital supports developers, investors and local organizations in their efforts to finance multifamily housing, rehabilitate historic sites and provide critical community services.
Information for this article was sourced from PNC Bank.
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Source: latimes.com
