PNC Multifamily Capital Announces 100th Affordable Housing Fund; Driving Nationwide Impact

Rhea-AI Summary

PNC (NYSE: PNC) closed LIHTC Fund 100, investing more than $175 million to develop and rehabilitate affordable rental housing across the U.S.

The fund will support construction or rehabilitation of nearly 1,500 affordable homes in 17 properties across 10 states and Washington, D.C. and includes investments from PNC and six other financial and insurance companies. As of Sept. 30, 2025, PNC Multifamily Capital manages about $15.8 billion in tax credit equity and maintains a $34 billion agency loan portfolio.

Positive

• $175 million fund closed to finance affordable housing
• Supports nearly 1,500 affordable homes in 17 properties
• 100th LIHTC fund milestone for PNC Multifamily Capital
• Geographic reach across 10 states + Washington, D.C.

Negative

• Investment products are Not FDIC insured and may lose value
• Fund is a private offering; risks and expenses are described in the fund's PPM

Key Figures

Fund size $175 million LIHTC Fund 100 investment capacity

Developments supported 17 properties Affordable housing developments in fund

Affordable homes Nearly 1,500 units Homes to be constructed or rehabilitated

States covered 10 states + D.C. Geographic scope of fund projects

Rosenwald Pointe units 53 units Affordable family units in Waynesboro, VA

Marine Drive units 33 units Astoria, OR project; 32 supportive housing apartments

Tax credit equity $15.8 billion Tax credit equity managed as of Sept. 30, 2025

Agency loan portfolio $34 billion Agency loans managed by PNC Multifamily Capital

Market Reality Check

$211.06 Last Close

Volume Volume 1,718,322 is at 0.87x the 20-day average of 1,974,421 shares. normal

Technical Price 209.98 is above the 200-day MA of 184.44 and 1.43% below the 52-week high of 213.03.

Peers on Argus

PNC slipped 0.43% while key peers like USB, ITUB, DB and NU also traded lower, but momentum scanners did not flag a coordinated sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 15	Community initiative	Neutral	+0.1%	Sponsorship of GENYOUth community program tied to 2026 NFL Draft.
Dec 15	Correction notice	Neutral	+0.1%	Correction to GENYOUth community impact announcement details.
Dec 15	Product launch	Neutral	+0.1%	National launch of low-cost PNC Simple Checking account.
Dec 12	Acquisition approval	Neutral	-0.4%	Regulatory approvals for the acquisition of FirstBank.
Dec 10	Rate change	Neutral	+2.2%	Change in prime lending rate to 6.75% effective Dec. 11, 2025.

Pattern Detected

Recent announcements have been operational or community-focused with modest price reactions, generally within a few percentage points.

Recent Company History

Over the past week, PNC issued several community and product-focused updates, including support for GENYOUth’s Taste of the Draft initiative and the launch of PNC Simple Checking on Dec. 15, 2025. It also secured regulatory approvals to acquire FirstBank on Dec. 12, 2025, and changed its prime lending rate to 6.75% effective Dec. 11, 2025. Today’s multifamily affordable housing fund announcement continues the theme of community investment and balance sheet deployment across real estate finance.

Market Pulse Summary

This announcement details PNC Multifamily Capital’s 100th LIHTC fund, deploying more than $175 million across 17 properties to support nearly 1,500 affordable homes in 10 states and D.C. It adds to a platform managing about $15.8 billion in tax credit equity and a $34 billion agency loan portfolio. Investors may track future disclosures on fund performance, credit quality in multifamily portfolios, and how these initiatives complement broader bank growth and acquisition activity.

Key Terms

low-income housing tax credit (lihtc) financial

"announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 100..."

A low-income housing tax credit (LIHTC) is a government-created tax break that rewards developers and investors for building or renovating affordable rental housing. Think of it as a long-term coupon that cuts tax bills in exchange for keeping rents below market rates; for investors this lowers project risk, boosts returns, and makes affordable housing projects financially viable where they otherwise might not be.

new markets tax credits (nmtc) financial

"supports more than 134,000 affordable rental units, 150 New Markets Tax Credits (NMTC) investments..."

A federal program that gives tax credits to investors who put money into projects located in low-income or underserved communities. Think of it as a government coupon that lowers an investor’s tax bill in exchange for funding things like businesses, housing or community facilities; it makes deals cheaper or safer for investors and can boost after-tax returns while supporting local economic growth.

sec registered investment adviser regulatory

"PNC TC, LLC, an SEC registered investment adviser wholly-owned by PNC Bank..."

An SEC-registered investment adviser is a professional or firm that provides advice about buying, selling or managing investments and is formally registered with the U.S. Securities and Exchange Commission. Registration means the adviser must follow federal rules designed to protect clients, disclose conflicts and report business practices — similar to how a certified mechanic must follow safety rules and display credentials. For investors, registration offers an added layer of oversight and transparency when choosing who will handle their money.

private placement memorandum ("ppm") financial

"described in the fund's private placement memorandum ("PPM") or other offering documents."

A private placement memorandum is a detailed disclosure document given to potential investors when a company sells securities privately rather than on public markets. It explains the business plan, financials, terms of the offering, and the main risks, serving both as a practical guide for decision-making and as a legal safeguard for the issuer. Think of it as a product manual plus contract that helps investors judge value and protect themselves from hidden risks.

fdic insured regulatory

"Important Investor Information: Investment products are: Not FDIC Insured / Not Guaranteed / May Lose Value"

A U.S. government insurance program that protects money held in eligible bank and savings accounts up to a set limit if the bank fails. It matters to investors because it acts like a safety net for cash — reducing the risk of losing deposits and helping decide where to park short‑term funds — but it does not cover stocks, bonds, mutual funds, or cryptocurrencies.

AI-generated analysis. Not financial advice.

New $175 million fund to support 17 developments, creating homes for families, seniors and vulnerable populations.

PITTSBURGH, Dec. 17, 2025 /PRNewswire/ -- PNC Bank, N.A., a tax credit syndication leader, today announced the closing of Low-Income Housing Tax Credit (LIHTC) Fund 100, which is investing more than $175 million in the development and rehabilitation of affordable rental housing across the U.S. The fund includes investments from PNC and six other financial services and insurance companies.

This milestone marks the 100th fund sponsored by PNC and underscores its long-standing commitment to creating and preserving affordable housing across the United States. The investment will support the construction or rehabilitation of nearly 1,500 affordable homes in 17 properties across 10 states and the District of Columbia, including California, Colorado, Georgia, Illinois, Maryland, Oregon, Tennessee, Texas, Virginia, Washington and Washington, D.C., helping families, seniors and vulnerable populations access safe and stable housing. A few notable projects include¹:  

• Rosenwald Pointe (Waynesboro, VA): The new construction of 53 affordable family units will deliver a broad spectrum of affordability – from homes for very low-income households earning just 30% of the area median income to workforce housing at 80% – will include comprehensive supportive services for all residents, including mental health case management, benefit assistance, employment training, transportation support and independent living skills delivered by Valley Community Services Board.
• Marine Drive (Astoria, OR): The new construction of 33 units will include 32 permanent supportive housing apartments for individuals experiencing homelessness with serious and persistent mental illness. The development incorporates robust on-site services through Clatsop Behavioral Healthcare's "Open Door" program, offering case management, peer support, counseling, life skills training and health services. All units will be covered by rental assistance, ensuring residents pay no more than 30% of their income on rent.
• 4345 Matilija (Los Angeles, CA): The property will address a significant need for affordable housing in Los Angeles. Annual funding from Horizon Housing Foundation will support programs that promote self-sufficiency, housing stability and economic mobility. Services will be coordinated by Northwest Stepping Stones, which connects residents to resources and offers life skills training, community engagement opportunities and support plans tailored to individual needs.

"Reaching our 100th LIHTC fund is a testament to PNC's unwavering commitment to addressing the affordable housing crisis," said Megan Ryan, senior vice president and manager of Tax Credit Equity Syndication for PNC Multifamily Capital. "Through strong partnerships and innovative financing, we continue to expand access to safe, quality housing for families and individuals in communities across the country."

PNC Multifamily Capital is one of the largest providers of affordable multifamily equity and both affordable and conventional debt in the industry.

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 provide critical community services.

As of Sept. 30, 2025, PNC Multifamily Capital manages approximately $15.8 billion in tax credit equity that supports more than 134,000 affordable rental units, 150 New Markets Tax Credits (NMTC) investments and 72 historic properties nationwide, as well as maintaining a $34 billion agency loan portfolio. For more information about PNC Multifamily Capital, visit www.pnc.com/pncmultifamilycapital.

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com .

PNC Bank and certain of its affiliates including PNC TC, LLC, an SEC registered investment adviser wholly-owned by PNC Bank, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. PNC TC, LLC, which operates within PNC Real Estate's Multifamily Capital segment, provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC, NMTC, HTC and affordable housing preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product. Risks of each fund, as well as information regarding the investments, risks, and expenses of each fund, are described in the fund's private placement memorandum ("PPM") or other offering documents. Please read the PPM and offering documents carefully before investing.

Important Investor Information: Investment products are: Not FDIC Insured / Not Guaranteed / May Lose Value

¹ The projects listed above are not a complete list, and may not be representative, of all projects in which the fund currently has invested.

CONTACT:

Christina Davis
(214) 871-1259
christina.figg@pnc.com 

 

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SOURCE PNC Bank

FAQ

What is PNC's LIHTC Fund 100 and how much did it raise?

LIHTC Fund 100 is a low-income housing tax credit fund that closed with more than $175 million in commitments.

How many homes and properties will PNC's Fund 100 support (PNC)?

The fund will support the construction or rehabilitation of nearly 1,500 affordable homes across 17 properties.

Which states are included in PNC Multifamily Capital's Fund 100 investments?

Fund 100 includes projects in California, Colorado, Georgia, Illinois, Maryland, Oregon, Tennessee, Texas, Virginia, Washington and Washington, D.C.

Who invested in PNC's Fund 100 alongside PNC (PNC)?

The fund includes investments from PNC and six other financial services and insurance companies.

What larger portfolios does PNC Multifamily Capital manage as of Sept. 30, 2025?

As of Sept. 30, 2025, PNC Multifamily Capital manages about $15.8 billion in tax credit equity and a $34 billion agency loan portfolio.