Key facts
- PNC Bank closed a $251.4 million Low-Income Housing Tax Credit (LIHTC) fund.
- The fund, LIHTC Fund 104, will finance the development and preservation of affordable rental housing.
- It includes capital from nine financial services and insurance companies, along with PNC.
- The fund is expected to support 16 multifamily properties and over 1,700 affordable rental homes.
- Projects will be located across Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia, and Washington, D.C.
PNC Bank has finalized a $251.4 million Low-Income Housing Tax Credit (LIHTC) fund, designated as LIHTC Fund 104, aimed at developing and preserving affordable rental housing nationwide. The fund, which includes capital from nine financial services and insurance companies in addition to PNC, is part of the bank's strategy to address the growing demand and limited inventory of affordable housing through syndicated tax credit investments.
LIHTC Fund 104 is projected to support 16 multifamily properties, resulting in over 1,700 affordable rental homes for families, seniors, and underserved populations. The projects encompass both new construction and rehabilitation efforts across Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia, and Washington, D.C. Twelve properties will be designated for families, and four for seniors, with seven offering rental assistance to ensure long-term affordability.
Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital, highlighted the nearly 30-year history of PNC Multifamily Capital in bringing investors together for impactful affordable housing initiatives. Specific projects mentioned include The Mayer in Los Angeles, providing permanent supportive housing for seniors experiencing homelessness or with disabilities, and three properties in Kerrville, Texas, offering rehabilitated apartments for families with various resident services. Malabu Manor in Lexington, Kentucky, will cater to seniors with services focused on housing stability and community resources.
PNC Multifamily Capital, a significant provider of affordable multifamily equity and debt, finances properties, historic rehabilitations, and community facilities through tax credit equity, agency lending, and balance sheet lending. As of December 31, 2025, the division managed approximately $16.2 billion in tax credit equity supporting 1,280 affordable rental properties, alongside a $35.2 billion agency loan portfolio.