PNC Closes $71 Million Tax Credit Equity Fund for Multifamily Housing in 8 States

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PNC has announced the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership. The $71 million fund is comprised of investments in 10 operating partnerships involving multifamily housing properties in eight states, targeting families and seniors earning 60 percent or less of area median income.

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While the investor clearly viewed this fund as an attractive investment, the real beneficiaries are the many families and seniors that make their homes in these properties.

PNC announced today the successful completion of PNC Real Estate Tax Credit Capital Institutional Fund 42, a $71 million investment limited partnership which closed on February 28, 2010.

The $71 million fund is comprised of investments in 10 operating partnerships involving multifamily housing properties targeting families and seniors earning 60 percent or less of area median income. Properties owned by the Fund are located in eight states, and total 1365 apartment units. Property locations include California, Louisiana, Maryland, Massachusetts, New Hampshire, New Mexico, Pennsylvania and Texas.

A single institutional investor acquired the limited partnership interests in the fund. The investor will derive a return based primarily on the receipt of Low Income Housing Tax Credits and passive losses from real estate depreciation.

“This marks our first tax credit equity fund closing of 2010, and shows continued interest in PNC sponsored funds despite challenging economic conditions,” said Todd Crow, executive vice president, PNC Real Estate and Manager of Tax Credit Capital. “While the investor clearly viewed this fund as an attractive investment, the real beneficiaries are the many families and seniors that make their homes in these properties.”

PNC Real Estate is a part of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services (http://www.pnc.com).

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Tim Rice
The PNC Financial Services Group
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