Kerrville's affordable housing stock is in line for a serious facelift, courtesy of a new $251.4 million Low-Income Housing Tax Credit fund just closed by PNC Multifamily Capital. The vehicle, dubbed LIHTC Fund 104, will bankroll rehabilitation work at three Kerrville apartment complexes while also backing a portfolio of 16 affordable housing developments nationwide. In the Hill Country, the fund is slated to deliver 224 rehabilitated homes for families and seniors at Heritage Oaks, The Meadows and Paseo de Paz.
Fund 104 is expected to support 16 multifamily properties and create more than 1,700 affordable homes across states including Texas, California and Arizona, according to PR Newswire. The offering drew investments from nine financial services and insurance firms alongside PNC, and several developments in the portfolio will include rental assistance and resident support services. PNC said the fund blends new construction with rehabilitation projects to respond to local housing needs.
Kerrville Sites Set for Upgrades
As reported by San Antonio Business Journal, the Hill Country projects Heritage Oaks, The Meadows and Paseo de Paz will be rehabilitated using a portion of Fund 104 equity and together account for 224 units serving families and seniors. The Business Journal notes that the investments are aimed at preserving long-term affordability while improving living conditions at the complexes.
PNC Multifamily Capital has been deploying tax-credit funds and agency financing for years to preserve and produce affordable rental housing, and the firm positions this latest fund as part of an ongoing preservation pipeline, according to PNC Multifamily Capital. These programs typically pair LIHTC equity with local partners and on-the-ground service providers to maintain affordability over the long term.
PNC's release adds that twelve of the fund's properties will serve families, four will serve seniors and seven will include rental assistance. For Kerrville, the company lists supportive programming such as life-skills training, preventative health resources and transportation assistance for residents, per PR Newswire. The company did not include construction timetables, and local housing groups are expected to provide schedules and further details as plans are finalized.
