As PNC expands its presence in Texas, the bank brings with it a commitment of expanding access to affordable housing. Working with April Housing, a leading provider of solutions and capital for the creation and preservation of high-quality affordable housing, PNC Multifamily Capital is helping provide opportunities for residents in cities across the state.

“The lack of affordable housing is a serious issue in this country, one that has been around for a long time but that has become exacerbated due to ongoing macroeconomic headwinds,” said John Nunnery, manager of tax credit originations for PNC Multifamily Capital. “Regardless of the challenges involved, PNC Multifamily Capital is committed to investing in creating affordable housing in the communities where we live and operate, because we know how critically important it is for individuals and families.”

Austin

Austin, Texas is the site of two recent projects intended to open affordable housing possibilities for local residents. This summer, work began on a project to rehabilitate Eagle's Landing, a 240-unit apartment complex. The development consists of 48 one-bedroom, 128 two-bedroom, and 64 three-bedroom units throughout 12 residential buildings. When renovations are complete, Eagle’s Landing will offer affordable Low Income Housing Tax Credit (LIHTC) rents serving the general population who earn 60% of area median income (AMI). PNC directly invested more than $26 million in LIHTC equity for the development.

The Village at Collinswood is a development with similar goals. A project is underway to rehabilitate the property, which is made up of 90 one-bedroom and 84 two-bedroom units throughout 12 residential buildings. LIHTC rents will serve seniors earning 60% of AMI. PNC directly invested more than $14 million in LIHTC equity to the project.

Dallas-Fort Worth

In Dallas, April Housing is working to provide affordable housing for local families by rehabilitating the West Virginia Apartments property.  LIHTC rents will serve families at 50% of AMI at this 204-unit property, which consists of 34 one-bedroom, 130 two-bedroom, and 40 three-bedroom units throughout 12 residential buildings. PNC’s direct investment in the project consisted of nearly $18 million in LIHTC equity.

Families in neighboring Fort Worth will also have access to affordable lodging through the Meridian Apartments project. The LIHTC rents of the 280-unit development, with 140 one-bedroom and 140 three-bedroom units, will be available to local families who earn 60% of AMI. PNC’s direct investment in the project consisted of more than $24 million in LIHTC equity.

“While developments like these by no means meet the overwhelming demand for affordable housing, they do represent an important step in the right direction. PNC Multifamily Capital will continue to look for opportunities to invest in this way, in Texas and beyond,” said Nunnery. 

Learn More About PNC Multifamily Capital Investments in Local Communities

Brilliant Begins Here

PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, seniors housing and conventional products. Each year, PNC Multifamily Capital finances or invests in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more, or contact your relationship manager.