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PNC Closes Affordable Housing Fund to Support Specialty Housing Across 12 Cities

Proceeds from the fund will finance 13 multifamily properties across eight states.

By Mario Marroquin | December 26, 2024 at 08:39 AM

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.

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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