PNC Multifamily Fund Raises $251M for Affordable Homes
PNC Bank's multifamily debt and equity financing division is building on its efforts to develop and preserve affordable housing. Through the closing of Low-Income Housing Tax Credit (LIHTC) Fund 104, PNC Multifamily Capital has raised $251.4 million.
The fund is projected to provide more than 1,700 affordable homes across a 16-property multifamily portfolio. It includes both rehabilitation developments and new projects. The focus will be on those who have formerly experienced homelessness and the senior population. Particularly, 12 assets will serve needy families, with the rest dedicated to seniors. Moreover, rental assistance will be available at seven of them.
The locations are in a range of nationwide markets, including California, Arizona, Nevada, North Carolina, Tennessee, Texas, Virginia, Washington, D.C., Kentucky, Minnesota and New Mexico.
Some of the specific developments listed include Malabu Manor in Lexington, KY, which will focus on seniors while providing housing assistance and stability to the group; Heritage Oaks, The Meadows and Paseo de Paz in Kerrville, TX will bring 224 rehabilitated homes to residents across three sites and Residency at the Mayer in Los Angeles, CA, which will serve needy seniors who are homeless or disabled, with on-site services provided.
"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," Megan Ryan, senior vice president and manager of tax credit equity syndication for PNC Multifamily Capital, said in a statement.
As of December 2025, PNC Multifamily Capital supported 1,280 affordable rental units across 78 properties through roughly $16.2 billion in tax credit equity.
Meanwhile, it's a turbulent time for housing projects, as the high-cost environment weighs on decisions. The latest new residential construction report from the Census Bureau showed a 15.4% decline in total housing starts in May compared with April and an 8.7% decline year-over-year. Most notably, apartment starts crashed by 41.6% month-over-month.
Source: GlobeSt/ALM