PNC Bank invests $10M in middle-income housing fund

PNC Bank plans to invest $10 million in the Austin Housing Conservancy Fund, which is managed by Affordable Central Texas to secure workforce housing throughout the Austin area. The investment, which brings ACT’s total fund to more than $41 million, will help to move forward with the purchase of multifamily properties where rents will be maintained at levels affordable for moderate- and middle-income households. The group has a goal of securing $50 million for property acquisition by the end of this year. In a statement announcing the investment, PNC Regional President Steven Gonzalez said, “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.”