Columbia Housing, a unit of PNC Bank Corp., has begun raising funds for an institutional equity fund that will invest in low-cost multifamily housing. The fund aims to raise about $50 million to invest in projects for low- and moderate-income tenants. This is the second such fund Columbia has started since the bank bought it last year.

PNC plans to buy a limited partnership interest in the new fund. Investments are intended to qualify for low-income housing tax credits under section 42 of the Internal Revenue Code.

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