PNC Bank announced the closing of its 100th Low‑Income Housing Tax Credit (LIHTC) Fund, a $175 million vehicle that will finance 17 affordable‑housing developments across ten states and the District of Columbia.
The fund will support the construction or rehabilitation of roughly 1,500 affordable homes, including projects in California, Colorado, Georgia, Illinois, Maryland, Oregon, Tennessee, Texas, Virginia, Washington, and Washington, D.C. The developments range from new builds to preservation projects, and the homes will be priced to serve households earning 30 % or less of the area median income.
PNC’s multifamily capital business now manages $15.8 billion in tax‑credit equity and $34 billion in agency loan portfolios as of September 30, 2025. The 100th fund underscores the bank’s long‑standing commitment to affordable housing and its growing role as a leading syndicator in the LIHTC market.
"PNC has been a leader in developing and rehabilitating affordable housing for years," said Megan Ryan, senior vice president and manager of investment syndication at PNC Tax Credit Solutions. "This fund provides critical capital to continue these efforts and address the affordable housing shortage in our country," she added. Todd Crow, EVP and head of PNC Tax Credit Solutions, noted that affordability remains an urgent issue for many Americans and that the fund will help keep rents within reach for low‑income families and seniors.
The 100th fund expands PNC’s reach in the affordable‑housing market, strengthens its community‑investment credentials, and positions the bank to capture additional tax‑credit financing opportunities in the coming years. It also aligns with PNC’s $88 billion Community Benefits Plan, which supports community development lending and investment across the United States.
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