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PNC Bank recently closed a $128 million fund to develop and rehabilitate hundreds of affordable housing units across eight states, bolstering efforts to address critical housing needs nationwide. The fund, supported by PNC and four institutional investors, targets housing for families, seniors, and individuals with special needs.
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The fund will finance several affordable and specialized housing projects, including the Lewis Lofts in Mankato, Minnesota—a 64-unit development catering to seniors, individuals experiencing homelessness, and persons with disabilities. Some units will be subsidized through the Skyline Housing Support Program, offering onsite services to help tenants maintain stable, independent living.
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In Sacramento, California, the Albert Einstein Residence Center will provide subsidized housing for seniors, with services such as health and wellness programs and community enrichment activities aimed at enhancing residents’ quality of life.
New Jersey’s West Main Street Residences in Rockaway will feature 70 units for seniors and individuals with developmental disabilities, offering a range of onsite services, including social activities, financial counseling, and fitness classes to support residents’ unique needs.
The fund will also support the Milagro del Valle project in McFarland, California, which will offer 46 single-family homes, each subsidized to ensure that residents pay no more than 30% of their income in rent. In addition to housing, the project will provide adult education programs on topics like financial literacy and debt management, along with after-school programs for children, fostering community stability.
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“Thanks to support from institutional investors, LIHTC Fund 96 will bring an additional 1,400 affordable housing rental units to 12 cities, addressing the nation’s growing affordable housing crisis,” said Megan Ryan, Senior VP of Tax Credit Syndication for PNC Multifamily Capital.
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PNC Bank’s $128 million fund underscores the growing demand for affordable housing as home prices continue to rise and wages struggle to keep pace. In high-cost areas where housing is increasingly out of reach, initiatives like this fund offer critical relief. By focusing on affordable rental units for families, seniors, and individuals with special needs, the fund not only addresses housing shortages but also supports tenants’ long-term stability through essential services. However, with millions of units still needed nationwide, the fund will play a limited role in alleviating the broader affordability crisis.