PNC Bank Commits $10 Million to Support Affordable Housing in Austin

AUSTIN, Feb 21, 2024 – PNC Bank announced a commitment to invest $10 million in the Austin Housing Conservancy fund, an innovative solution to address Austin’s housing crisis through a collaboration between investors, nonprofit and community partners. The fund invests and preserves multifamily properties currently affordable to moderate and middle-income individuals.

"PNC is focused on making a real impact in Austin communities, and as a longtime resident, I know that among the most critical issues facing our region is housing affordability," said Steven Gonzalez, PNC regional president for Austin. " This investment will help create meaningful change by offering a path forward to help middle-income families, especially those who work in essential services, remain in Austin despite steep increases in cost of living."

PNC’s direct equity investment in the fund, which is sponsored and managed by Affordable Central Texas (ACT), will help fund the purchase and preservation of multifamily properties and in doing so maintain affordable rental rates for middle-income Austin residents.