PNC Bank closes $251.4 million affordable housing fund

PNC Bank closed a $251.4 million Low-Income Housing Tax Credit (LIHTC) fund that will help finance the development and preservation of affordable rental housing across the country, the bank said in an announcement on Wednesday.

The transaction, PNC Multifamily Capital’s LIHTC Fund 104, includes capital from nine financial services and insurance companies, along with PNC. The fund reflects the bank’s strategy of using syndicated tax credit investments to expand affordable housing supply at a time of growing demand and limited inventory.

Fund 104 is expected to support 16 multifamily properties and more than 1,700 affordable rental homes for families, seniors and underserved households. The portfolio combines new construction and rehabilitation projects in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and Washington, D.C.

Twelve properties will target families and four will serve seniors, according to the announcement. Seven properties will offer rental assistance, which can be a key tool for maintaining long-term affordability and stabilizing operating cash flow for owners in higher-cost or volatile markets.

“For nearly 30 years, PNC Multifamily Capital has brought together investors focused on delivering meaningful impact through the creation and preservation of quality, affordable homes,” said Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital. “We are grateful for their continued support, which will help strengthen 16 developments across the country and provide lasting stability for residents.”

The fund’s projects are aimed at serving families, seniors and people who have experienced homelessness. Residency at the Mayer in Los Angeles will provide permanent supportive housing for seniors who are chronically homeless or living with disabilities. On-site services will include case management, benefits counseling, health care, substance use services, legal assistance, transportation and employment support.

Three properties in Kerrville, Texas — Heritage Oaks, The Meadows and Paseo de Paz — will deliver 224 rehabilitated apartments for families across multiple sites. Planned resident services include life skills training, help navigating social services, preventative health resources, transportation assistance and educational and community programming.

Malabu Manor in Lexington, Kentucky, will cater to seniors, with services focused on housing stability, connections to community resources and ongoing resident engagement. The property will also feature housing assistance aimed at keeping rents affordable relative to household income, an increasingly important feature for fixed-income renters facing higher costs.

PNC Multifamily Capital is a major provider of affordable multifamily equity as well as affordable and conventional debt. Through tax credit equity, agency lending programs and bank balance sheet lending, the platform finances multifamily properties, historic rehabilitations and community facilities.

As of Dec. 31, 2025, PNC Multifamily Capital oversaw approximately $16.2 billion in tax credit equity supporting 1,280 affordable rental properties, 138 New Markets Tax Credits investments and 78 historic properties nationwide. The company also manages a $35.2 billion agency loan portfolio, giving it significant scale across the housing-finance capital stack.