PNC Unit Closes $140MM AH Fund

PNC MultiFamily Capital, Pittsburgh, has announced the establishment of a tax-credit equity fund focused on the construction of multifamily housing that targets low- and moderate-income families and senior citizens.The company, a division of PNC Real Estate Finance, said the $140 million Columbia Housing/PNC Institutional Fund XIX consists of 25 properties in 13 states across the country totaling nearly 3,000 apartment units. Eight institutional investors, who funneled between $5 million and $70 million into the fund to acquire limited partnerships, will derive a return based chiefly on the receipt of Low Income Housing Tax Credits and passive losses from real estate depreciation, the company said. PNC can be found online at http://www.pnc.com.