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PNC Announces $74.8 Million Tax Credit Equity Fund in GO Zone
Pittsburgh, PA (PRWEB) November 6, 2006 -- PNC announced today the successful completion of a Tax Credit Equity Fund totaling $74.8 million for affordable housing projects in the federal government's Gulf Opportunity Zone (GO Zone). The GO Zone consists of the areas in the Gulf region most directly affected by Hurricanes Katrina, Rita and Wilma in 2005 and was established under the Hurricane Relief Act of 2005, a broad and far-reaching package of financial incentives to help kick-start the rebuilding effort in Alabama, Florida, Louisiana, Mississippi and Texas.
Included in the legislation is a significant increase in the amount of Low Income Housing Tax Credits (LIHTC) allocated in 2006, 2007 and 2008 for projects located in the GO Zone. The fund has invested or is expected to invest in 11 different projects, providing 887 units of family and elderly housing.
One of the funded projects in Texas, Sunset Way, was the first affordable housing project to be started in the state following last year's hurricanes. Sunset Way is a 96-unit housing complex currently under construction in Port Arthur, Texas. Apartments at Sunset Way will be rented to tenants earning 60 percent or less of the area median income.
PNC's affordable housing division, PNC MultiFamily Capital, syndicated and invested in the fund along with five additional investors including Freddie Mac, Wells Fargo Community Development Corporation, Capital One Financial Corporation, Deutsche Bank and New York Life Insurance Company.
"The Red Cross estimates that 750,000 dwellings were destroyed in last year's Gulf Coast hurricanes. PNC and its investors are playing a major role in getting Gulf Coast residents back to their hometowns," said Todd Crow, executive vice president of PNC MultiFamily Capital. "The capital committed by these investors is truly making a difference in the region."
Financing provided by PNC Bank, National Association, a member of the PNC Financial Services Group.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail 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.
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