PITTSBURGH — PNC Bank has closed the 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.
Fund 104 is expected to support 16 multifamily properties nationwide, providing over 1,700 affordable units for families and seniors. The portfolio includes a mix of new construction and rehabilitation developments in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas, Virginia and Washington, D.C.
Twelve properties will serve families, while four will provide homes for seniors. In addition, seven properties will include rental assistance. As of Dec. 31, 2025, PNC Multifamily Capital, a division of PNC Bank, manages approximately $16.2 billion in tax credit equity that supports 1,280 affordable rental properties, 138 New Markets Tax Credits investments and 78 historic properties nationwide, as well as maintaining a $35.2 billion agency loan portfolio.