Key facts
- PNC Bank closed its LIHTC Fund 104.
- The fund's total value is $251.4 million.
- The fund will finance the development and preservation of affordable rental homes.
- Over 1,700 affordable rental homes are expected to be created or preserved.
- The fund will support 16 multifamily properties.
- Properties will be located nationwide.
- Nine financial services and insurance companies contributed capital.
- PNC Bank also contributed capital to the fund.
PNC Bank has successfully closed its LIHTC Fund 104, a substantial financial vehicle totaling $251.4 million. This fund is dedicated to the development and preservation of affordable rental housing, with a target of creating or maintaining over 1,700 homes. These homes will be situated within 16 distinct multifamily properties located throughout the United States. The capital for LIHTC Fund 104 has been sourced from a diverse group of investors, including nine financial services and insurance companies, in addition to capital provided by PNC Bank itself. This initiative underscores PNC Bank's commitment to addressing the critical need for affordable housing options across the country.