PNC Multifamily Capital announced on June 18, 2025, the closing of Low-Income Housing Tax Credit (LIHTC) Fund 98. This fund is investing more than $208 million in the development and rehabilitation of affordable rental housing across the U.S.
The fund includes investments from PNC and seven other financial services and insurance companies, with two new investors joining PNC's LIHTC funds. This collective investment will finance the construction or rehabilitation of over 2,000 affordable homes.
These properties are located across 11 states, including Alabama, California, Hawaii, Illinois, Kentucky, Minnesota, Nevada, Ohio, Oregon, Pennsylvania, and Texas. The initiative aims to serve families, seniors, people experiencing homelessness, and those with special needs, addressing a national shortage of affordable housing.
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