Latest news with #LowIncomeHousingTaxCredit
Yahoo
03-07-2025
- Business
- Yahoo
PNC Bank Announces $200 Million Fund To Build 2000 Affordable Housing Units Nationwide
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Beleaguered Americans struggling with high apartment rents are about to get a measure of relief from PNC Multifamily Capital, a division of PNC Financial Services Group (NYSE: PNC). The Pittsburgh-based regional bank recently announced the formation of a fund that will invest over $208 million to develop and renovate affordable multi-family rental housing throughout the country. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — GoSun's Breakthrough Rooftop EV Charger Already Has 2,000+ Units Reserved — The fund, known as the Low-Income Housing Tax Credit Fund 98, and PNC will use investor capital to develop more than 2,000 units in 15 communities spread across 11 states. The states where the communities will be located include: Alabama California Hawaii Illinois Kentucky Minnesota Nevada Ohio Oregon Pennsylvania Texas PNC said in a statement that Fund 98 will draw capital from numerous sources, including PNC, multiple insurance companies, and two investors who have not previously been involved with affordable housing. The U.S. Department of Housing and Urban Development website describes its Low Income Housing Tax Credit program as "the most important resource for creating affordable housing in the United States today." The program was established as part of the Tax Reform Act of 1986, which allocates an annual $10.5 billion distribution to state and local housing authorities in the form of tax credits. State and local agencies use these tax credits to incentivize real estate developers, landlords, and property owners to operate and acquire affordable housing. Renters and low-income families have become increasingly vulnerable to the spikes in housing costs nationwide. Trending: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. . These spikes in housing costs are attributable to the rapid appreciation in property values. Rising property values are great for real estate investors, but they also bring the law of unintended consequences into play. Increased acquisition and construction costs mean developers can only make returns by focusing on the high-income segment of the market. That creates an imbalance of luxury development and puts low-income families at an increasing risk of homelessness. Almost every big city in the 11 states where PNC's 98 fund will operate is struggling with a lack of affordable housing. The state and local housing authorities employ the tax credit in several ways. Some developers build entire communities dedicated to affordable housing that rely exclusively on the tax credits. Other developers who operate in the luxury sector may also offer a designated number of affordable tax-credit units in exchange for construction approval. , 'The LIHTC Fund 98 closing illustrates PNC Multifamily Capital's continued and long standing commitment to financing new and improved affordable housing across the country,' Megan Ryan, senior vice president and manager of Tax Credit Equity Syndication for PNC Multifamily Capital, said in the statement. PNC is an established player in this sector. PNC Multifamily Capital currently manages 133,000 units that account for $15.5 billion worth of low-income housing tax credits. That experience can be an important asset in this heavily-regulated sector. PNC's newest fund will certainly not solve the housing affordability problem in the states where it will own and operate properties. However, a concentrated effort and continued commitment from the investment community could go a long way towards alleviating America's affordable housing crisis. In the meantime, there will be 2,000 fewer families in need of affordable housing, and that's certainly a plus. Read Next: With Point, you can Image: Shutterstock This article PNC Bank Announces $200 Million Fund To Build 2000 Affordable Housing Units Nationwide originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
Churchill Stateside Group Closes $10,120,000 Tax-Exempt Permanent Loan for 122-Unit Senior Housing Development in Stonecrest, GA
CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC ('CSG'), a real estate and renewable energy financial services company, is pleased to announce the closing of a $10,120,000 tax exempt permanent loan on a new 122-unit affordable 4% Low Income Housing Tax Credit senior housing community located in Stonecrest, Georgia. The financing was provided by Churchill Mortgage Investment LLC ('CMI') under CSG's Churchill Private Tax-Exempt Loan Program ('Churchill PTEL'). The project will deliver high-quality, affordable housing for seniors through the development of a modern apartment complex consisting of 20 one-bedroom units and 102 two-bedroom units. All units will be income-restricted to residents earning no more than 60% of the Area Median Income (AMI). The development also received 4% Loan Income Housing Tax Credits. Situated just east of Atlanta in one of Georgia's fastest-growing areas, the community offers close proximity to medical facilities, retail centers such as The Mall at Stonecrest, public transportation, local parks, and entertainment—enhancing access and quality of life for senior residents. Dan Duda, EVP, National Director of Originations and Acquisitions for CSG, stated, 'We are proud to support the creation of quality, affordable housing that allows senior residents to age with dignity and independence in a vibrant community. This project exemplifies our mission to bring lasting impact to underserved populations through strategic financial solutions. Our Churchill Private Tax Exempt Loan program is a great tool for developers to capitalize on long term low interest rate fixed financing.' Keith Gloeckl, Chief Executive Officer of CSG, added, 'With a growing demand for affordable senior housing in Georgia, this community development is a critical step toward addressing the needs of this underserved community. We're proud to partner with a sponsor who shares our commitment to creating high-quality, affordable housing in communities where it's needed most. This closing is a testament to the expertise of our team and our continued focus on financing solutions that make a real difference.' Churchill Stateside Group remains dedicated to providing financial solutions that promote sustainable, inclusive housing opportunities across the nation. Looking to finance your next affordable housing project? Visit or contact our production team at production@ to learn how Churchill can help support your project's success. About Churchill Stateside Group Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6.5 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.
Yahoo
13-05-2025
- Business
- Yahoo
Tacoma church opens 60 affordable-housing units to complete decades-long vision
A Tacoma church and community leaders recently celebrated a new affordable-housing project in the Hilltop neighborhood that has been decades in the making. The Shiloh New Life Apartments next to the Shiloh Baptist Church, 1211 S. I St., offers 60 affordable housing units for low-income individuals and families, with a priority on offering units to individuals experiencing homelessness. Pastor Chavis Young told The News Tribune the church purchased the land for the apartments nearly 25 years ago with a vision to create affordable housing. 'This was birthed from the heart of Pastor E.S. Brazill, who wanted to create low-income housing on that land,' Young said. Before becoming the New Life Apartments, Young said, the land was used for a variety of purposes, including transitional housing for those exiting incarceration. He said the New Life Apartments were part of a decades-old vision by the late Brazill, who 'dreamed of creating housing on a bigger scale.' Brazill's vision was carried on by Pastor Gregory Christopher, who retired from Shiloh Baptist Church in 2023 after serving the Hilltop community for more than 20 years. Young said Christopher 'had a heart for serving' the unhoused community as he experienced homelessness earlier in his life. While neither Christopher nor Brazill was not at the church to see their vision come to fruition, Young said it was a 'blessing' to see the land where five houses once sat transformed into housing for dozens of families and individuals. The complex is composed of two separate buildings, one named for Brazill's wife, Lily, and the other named for James and Marilyn Walton — two community leaders who were involved with the church. James Walton was the City of Tacoma's first Black city manager. Shane Vestnys, a property manager for the apartments, told The News Tribune as of May 7 all but one of the units had been leased. Vestnys said one-third of the units are reserved for veterans experiencing housing instability. Veterans can be referred to the units through Veterans Affairs, and the Tacoma Housing Authority is providing housing vouchers for those individuals. Units are also available for individuals with disabilities. Many of the units come furnished, and Vestnys said a representative from a service provider is on site to assist residents with the supportive services they might need. The units are intended for individuals and families earning 30–50% of the Area Median Income (AMI). According to recent U.S. Census Bureau data from 2023, Tacoma's household AMI is $83,857. The nearly $34 million project received $5,077,566 in funding from Pierce County, $6,020,000 from the Washington State Department of Commerce, $4,444,893 through the City of Tacoma's Community Redevelopment Authority Board, and $14,458,765 in equity from the Washington State Housing Finance Commission's Low Income Housing Tax Credit. The public investments mark a region-wide push to create affordable housing stock. 'To fully meet the housing needs of current and future residents, the county needs to produce, on average, over 2,300 units per year of housing affordable at or below 50% of area median income (AMI) through the year 2044,' the county's Housing Action Strategy of 2022 found. 'Over half of these units are needed for households at 30% of AMI or below.'
Business Wire
29-04-2025
- Business
- Business Wire
Churchill Stateside Group Closes $7,865,000 Forward-Committed Permanent Loan for 95-Unit New Construction Senior Living Housing Community in Lancaster, OH
CLEARWATER, Fla.--(BUSINESS WIRE)--Churchill Stateside Group, LLC ('CSG'), a real estate and renewable energy financial services company, is proud to announce the closing of a $7,865,000 forward-committed permanent loan for The Reserve at Hunter Trace, a new 95-unit affordable senior living housing development located in Lancaster, Ohio. The financing, provided by Churchill Mortgage Investment LLC ('CMI'), supports the development of a three-story building offering a mix of one- and two-bedroom apartment homes. All units will be income-restricted at 60% of the Area Median Income (AMI), ensuring affordable housing options for senior residents in the region. Construction is scheduled for completion in 2026. Located just 30 miles southeast of Columbus, Ohio, The Reserve at Hunter Trace offers convenient access to local services, retail, and public transportation, while placing residents within commuting distance of employment opportunities in the greater Columbus area. Ben Goates, Vice President, Director of Originations for CSG, said, 'What an honor it is to work with such an incredible sponsor as Fairfield Homes who has been dedicated to serving the residents of Central Ohio for generations. We're thrilled to participate in the inaugural round of the State of Ohio Low Income Housing Tax Credit program by providing this uniquely effective forward-committed loan product for The Reserve at Hunter Trace, which includes a 40-year amortization, 1.15 DCR, 3 years of interest-only payments after stabilization, and the ability to size to greater proceeds upon conversion.' Keith Gloeckl, Chief Executive Officer of CSG, added, 'We at Churchill are proud to support the financing of this much-needed affordable senior housing development. The Reserve at Hunter Trace represents a meaningful investment in the Lancaster community, providing quality, affordable housing options for older adults. I commend our dedicated team at Churchill for their expertise and commitment in bringing this project to a successful close.' Churchill Stateside Group remains committed to financing projects that foster strong, sustainable communities and meet the growing need for affordable housing across the United States. Interested in financing solutions for your next multifamily affordable housing project? Visit us at or reach out directly to our production team at production@ We're here to help you achieve your financial objectives with customized solutions backed by decades of experience. Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and commercial renewable energy industries. CSG sponsors tax credit equity investment funds for institutional investors and provides a variety of construction, permanent, and bond financing solutions. With over $6 Billion of assets under management, CSG has long-standing and successful investment relationships with numerous corporate investors. The company's investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC (CMI), is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer, seller, and servicer.
Boston Globe
13-03-2025
- Business
- Boston Globe
Huge South Boston public housing complex gets $70 million to start redevelopment
Advertisement 'For almost nine decades, Mary Ellen McCormack has been a cornerstone of Boston's commitment to affordable housing,' Boston Mayor Michelle Wu said in a statement. 'Today, we take a major step forward in ensuring that this historic community remains a vibrant, inclusive home for generations to come.' Tenants have been involved in planning the entire project, according to Carol Sullivan, executive director of the Mary Ellen McCormack Task Force, a resident advocacy group. 'I am very proud of this partnership and cannot wait to see the smiles on the residents' faces when they move into their new, affordable homes,' Sullivan said in a statement. Artists renderings of the first building in the planned redevelopment of South Boston's Mary Ellen McCormack public housing complex. The Architectural Team WinnCompanies CEO Gilbert Winn said the redevelopment project would be a model for similar projects across the country. 'This first building jumpstarts an ambitious and inspired undertaking many years in the making that will ultimately give rise to a new mixed-income and mixed-use neighborhood,' Winn said in a statement. The project's financing, $62 million for the building and $8 million for infrastructure, came from a variety of sources including a construction loan from the Bank of America, federal Low Income Housing Tax Credit and Energy Tax Credit equity from Bank of America, a tax-exempt bridge loan and tax-exempt first mortgage loan from MassHousing, and a subordinate loan from the Affordable Housing Trust Fund maintained by the Massachusetts Executive Office of Housing & Livable Communities. Advertisement The McCormack project, built during the Great Depression, currently includes 1,016 deeply subsidized apartments across 35 buildings. All current residents will have the right to occupy new apartments as the project proceeds. Aaron Pressman can be reached at
