PNC Closes $251M Affordable Housing LIHTC Fund
The investment vehicle will finance the construction or rehabilitation of more than 1,700 affordable unit.
PNC Multifamily Capital has closed Low-Income Housing Tax Credit Fund 104, a $251.4 million vehicle intended to develop and preserve more than 1,700 units of affordable housing for families, seniors and underserved populations in 10 states and Washington, D.C.
The fund includes investments from nine financial services and insurance companies, as well as PNC itself. LIHTC Fund 104 will support new construction and rehabilitation developments at 16 multifamily communities nationwide. In addition to D.C., the properties are located in Arizona, California, Kentucky, Minnesota, New Mexico, Nevada, North Carolina, Tennessee, Texas and Virginia.
Previous vehicles include PNC Multifamily Capital’s LIHTC Fund 98, which closed in June 2025 with commitments of more than $208 million. That investment vehicle was used to finance construction or rehabilitation of more than 2,000 affordable units in 15 communities across 11 states.
Under LIHTC Fund 104, 12 assets will serve families and four are senior housing developments. Seven of the 12 communities will include rental assistance to provide additional housing stability for the residents.
Senior properties to receive funding
At least three of the projects to be supported by Fund 104 are redevelopments, including Residency at the Mayer in Los Angeles, which is an adaptive reuse of a 1928-built Art Deco office building at 5500 Hollywood Blvd. in West Hollywood. Renovations were completed in December 2024.
Previously known as the Hollywood Western Building, 5500 Hollywood Blvd. was built by film studio mogul Louis B. Mayer and producer Irving Thalberg. It is listed in the Historic Cultural Monument list maintained by the City of Los Angeles Planning Department.
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Sponsored by ABS Properties Inc., the property will provide permanent supportive housing for seniors who are chronically homeless or living with disabilities. The four-story mixed-use building has 79 studio units including one for a manager, alongside roughly 10,000 square feet of ground-floor retail space.
Residents also have access to on-site services including case management, benefits counseling, mental and physical health care, substance abuse services, legal assistance, transportation and employment support.
Malabu Manor, an 80-unit senior housing community, is located at 137 Malabu Drive in Lexington, Ky. The sponsor is Fairstead Affordable LLC. Renovations are expected to be completed in December.
Residents will receive services as well as housing assistance to ensure rents remain affordable based on household income.
Three Texas assets set for upgrades
Envolve Communities, a Montgomery, Ala.-based multifamily real estate company, is rehabilitating 224 apartments across three sites in Kerrville, Texas. These include Heritage Oaks, located 2350 Junction Highway; The Meadows, a senior housing community at 2300 Junction Highway and Paseo de Paz at 401 Clearwater Paseo. Envolve acquired The Meadows and Heritage Oaks in late 2023 and Paz de Paseo in 2025, according to the Kerrville Daily Times.
Supportive services provided at the properties will include life skills training, preventative health care resources, transportation assistance and help navigating social services.
All three assets will undergo extensive renovations, including the updating of all unit interiors with new kitchen appliances and cabinets, countertops, backsplashes and painting. Bathrooms will be upgraded with new vanities, faucets, toilets and exhaust fans. The buildings will also get new HVAC systems and water heaters along with electrical and plumbing upgrades.
Exterior renovations will include roof replacements, new gutters, new windows, façade repairs, stair and sidewalk improvements as well as painting and new entry doors. The owner will also repave and re-stripe parking lots, in addition to upgrading the landscaping. All management and leasing offices will be remodeled. Renovations are slated to be completed by July 2027.
