PNC Bank, a tax credit syndication firm, has announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98, which is investing more than $208 million in the development and rehabilitation of affordable rental housing across the United States. The fund includes investments from PNC and seven other financial services and insurance companies, including two investors that are new to PNC's LIHTC funds.
The investment will provide a positive impact nationwide by financing the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states: Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania and Texas. The properties are designed to serve families, seniors, people experiencing homelessness and those with special needs.
A few notable projects include:
Albert Einstein Residence Center in Sacramento: Originally built in 1981, the renovation of the 78
