PNC Closes $251M Affordable Housing Fund

PNC Bank has closed its Low-Income Housing Tax Credit Fund 104 at $251.4 million, providing capital for the development and preservation of affordable rental housing across the U.S.

The fund attracted investments from nine financial services and insurance companies in addition to PNC and is expected to support 16 multifamily housing properties that will deliver more than 1,700 affordable homes for families, seniors and underserved populations.

According to PNC, the portfolio includes a combination of new construction and rehabilitation projects tailored to local housing needs. The developments are located across Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia, and Washington, D.C.

Twelve of the properties are designated for families, while four will provide housing for senior residents. Seven developments will also include rental assistance programs designed to improve affordability for lower-income households.

“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.

In December 2025, PNC announced it closed its Low‑Income Housing Tax Credit Fund 100, which is expected to deploy more than $175 million. The multi‑investor fund includes capital from PNC and six additional financial services and insurance companies

As of Dec. 31, 2025, the platform managed approximately $16.2 billion in tax credit equity supporting 1,280 affordable rental properties nationwide. The business also manages 138 New Markets Tax Credit investments, 78 historic properties and a $35.2 billion agency loan portfolio.