PNC Bank announces $161m affordable housing fund benefiting families and seniors

PNC Bank, a tax credit syndication leader, announced the closing of PNC Low Income Housing Tax Credit (LIHTC) Fund 87, which is investing $161 million in the development and rehabilitation of affordable rental housing for families and seniors across the United States. The fund includes investments from PNC and eight of the largest national banks and insurance companies in the United States.

The $161 million housing fund will provide financing for more than 1,700 affordable housing rental units in 13 multifamily properties in 10 states, including California, Kentucky, Oregon and Texas. Many of the projects intend to serve special populations, including survivors of domestic violence, extremely low income or those without income at all, people experiencing homelessness, and heads of household with a disability. A few notable projects include: