PNC Multifamily Capital Closes $251.4 Million LIHTC Fund to Expand Affordable Multifamily Real Estate Nationwide

PNC Bank, N.A. announced June 17 the closing of Low-Income Housing Tax Credit (LIHTC) Fund 104, a $251.4 million fund focused on the development and preservation of affordable rental housing across the United States. The fund draws investment from nine financial services and insurance companies, in addition to PNC itself, and is expected to support 16 multifamily properties providing more than 1,700 affordable homes.

Fund Structure and Investor Composition

LIHTC Fund 104 represents the latest offering from PNC Multifamily Capital, which the firm describes as one of the largest providers of affordable multifamily equity in the industry. The fund pools equity from nine external financial services and insurance companies alongside PNC's own capital, reflecting a syndicated approach to affordable housing investment that PNC Multifamily Capital has employed for nearly 30 years, according to the firm.

"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."

PNC Multifamily Capital operates within PNC Real Estate, which provides commercial real estate financing and related services. Investment advisory services to the fund are provided by PNC TC, LLC, an SEC-registered investment adviser wholly owned by PNC Bank.

Portfolio Spans 11 States

The 16 developments supported by Fund 104 span a broad geographic footprint, including properties in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia, and Washington, D.C. The portfolio includes a mix of new construction and rehabilitation projects designed to address local community housing needs.

Of the 16 properties, 12 will serve families and four will provide housing for senior residents. Seven properties within the portfolio will include rental assistance, which the firm says is intended to further support housing stability for residents.

Among the specific developments highlighted by PNC:

• Residency at the Mayer in Los Angeles, California will provide permanent supportive housing for seniors who are chronically homeless or living with disabilities. On-site services will include case management, benefits counseling, mental and physical health care, substance abuse services, legal assistance, transportation, and employment support.
• Heritage Oaks, The Meadows, and Paseo de Paz in Kerrville, Texas will deliver 224 rehabilitated homes for families across three sites. Residents will have access to life skills training, social services navigation, preventative health care resources, transportation assistance, and community-based programming.
• Malabu Manor in Lexington, Kentucky will serve seniors and include resident services focused on stability and connection to community resources. The development will also provide housing assistance designed to keep rents affordable relative to household income.

PNC Multifamily Capital's Broader Platform

As of December 31, 2025, PNC Multifamily Capital manages 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 firm also maintains a $35.2 billion agency loan portfolio.

Through tax credit equity, agency lending programs, and traditional bank balance sheet lending, PNC Multifamily Capital supports developers, investors, and local organizations in financing multifamily housing, rehabilitating historic sites, and funding community services.

PNC Bank, National Association is a member of The PNC Financial Services Group, Inc. (NYSE: PNC), one of the largest diversified financial services institutions in the United States.

Sources

PNC Bank via PR Newswire, June 17, 2026