PNC Multifamily Capital Announces $251.4 Million Fund, Expanding Access to Affordable Housing Nationwide

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New fund to support 16 developments, creating and preserving affordable homes for families, seniors and underserved populations PITTSBURGH, June 17, 2026 /PRNewswire/ -- PNC Bank, N.A., a leader in tax credit syndication, today announced 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 includes investments from nine financial services and insurance companies, as well as PNC, reflecting PNC Multifamily Capital's continued commitment to addressing the nation's affordable housing shortage through strategic investments and partnerships. Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 critically needed affordable homes for families, seniors and underserved populations. The portfolio includes a mix of new construction and rehabilitation developments designed to meet local community needs, and spans a diverse geographic footprint including Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and Washington, DC. Twelve properties will serve families, while four will provide homes for senior residents. In addition, seven properties will include rental assistance, further supporting housing stability for residents. "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." Developments within the fund are designed to meet the needs of families, seniors and people formerly experiencing homelessness. They include1: PNC Multifamily Capital is one of the industry's largest providers of affordable multifamily equity, as well as affordable and conventional debt. Through tax credit equity, agency lending programs and traditional bank balance sheet lending, PNC Multifamily Capital supports developers, investors and local organizations in their efforts to finance multifamily housing, rehabilitate historic sites and p...

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