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In 2018, PNC provided $2.6 billion* in community development financing that benefited low- and moderate-income populations and communities, including:
*Reflects Community Reinvestment Act–eligible investments made across PNC's footprint.
Every few years, the Office of the Comptroller of the Currency, an independent bureau of the U.S. Department of the Treasury, evaluates our commitment to the communities we serve. This includes looking at how we are meeting credit needs of those who live in low- and moderate-income neighborhoods. Based on the evaluation, we (like other banks) receive one of four ratings: Outstanding, Satisfactory, Needs to Improve or Substantial Noncompliance. We are pleased to have consistently earned, each year since the exams began, an Outstanding rating. Learn more about our Community Reinvestment Act rating at www.pnc.com/CommunityReinvestmentAct.
PNC Community Development Banking complements the PNC Foundation’s work by helping to improve the quality of life in low- and moderate-income neighborhoods through affordable housing, community development lending, economic development, financial education and customized financial solutions. Community Development Banking also assists groups that work with government agencies to help identify other sources for technical, financial and investment support.
Through Community Development Banking, we offer numerous financial products and services to meet the diverse needs of our customers.
When you believe in a community, you invest in its future. We do so in a number of ways.
CDFIs are private-sector financial institutions that focus on personal lending and business development efforts in communities that need revitalization. They aim to address the needs of the poor and working-class people who live in urban and rural communities.
Tax credits, when properly maximized, can be a powerful force in energizing communities. Our PNC Real Estate team uses years of experience in affordable housing and economic development to work with the Low-Income Housing Tax Credit, Affordable Housing Preservation, New Markets Tax Credit and Historic Tax Credit programs to deliver products that help provide this much-needed energy. PNC TC, LLC, an affiliated Registered Investment Adviser, advises funds sponsored by PNC Real Estate.
In 2018, we had more than
in affordable housing equity under management and were the second-largest LIHTC syndicator/investor in the U.S. National Multifamily Housing Council.
In 2018, we spent approximately
with small and diverse-owned businesses.
PNC earned an “Outstanding” rating for its most recent Community Reinvestment Act exam and has consistently earned this top rating since examinations began
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