PNC Multifamily Capital Closes $128M Affordable Housing Fund

PNC Bank, N.A. has closed its $128 million Low-Income Housing Tax Credit (LIHTC) Fund 96, which will be used to develop and rehabilitate affordable rental homes in the U.S. The fund comprises investments from PNC as well as four other banks and insurance companies.

The fund, under PNC real estate’s recently rebranded multifamily debt and equity financing group, PNC Multifamily Capital, will provide financing for over 1,400 affordable housing rental units in 13 multifamily properties in 10 states, including California, North Carolina, Virginia and Texas, among others.

“As one of the largest syndicators of affordable housing, PNC Multifamily Capital is focused on financing the development of new and improved affordable housing across the country,” said Megan Ryan, SVP and manager of Tax Credit Equity Syndication for PNC Multifamily Capital.

As of 2023, PNC Multifamily Capital maintains a $31 billion agency loan portfolio and manages over $14 billion in tax credit equity that supports more than 132,700 affordable rental units, 198 NMTC investments and 67 historic properties.