Community Development Banking
As a Main Street bank, we take pride in how we relate to and serve our employees, customers and communities and are committed to making business decisions that positively impact our stakeholders. We support the communities where we conduct business through job creation, local infrastructure, small business loans, financial education and sponsorships. These financial services, along with our philanthropic giving and volunteerism, create a series of benefits that strengthen communities.
Our Community Development Banking team specifically works to improve the quality of life for individuals, families and businesses in low- and moderate-income neighborhoods through affordable housing, community development lending, economic development, financial education and customized financial solutions. We also assist groups working with government agencies and help locate other sources for technical, financial or investment support.
Products and Services
- Foundation Checking
Foundation Checking is a transitional checking account for customers who are just entering or re-entering the banking system. This account has no balance requirements and provides ATM access with lower daily point-of-sale and ATM limits. A key element of Foundation Checking is its financial education component, which teaches the basics of money management.
- PNC SmartAccess®
PNC SmartAccess is our prepaid Visa® card offering, which enables customers to safely and easily access and manage their money.
- First-Time Home Buyer Clubs
Buying a first home can be a lengthy process where potential and sometimes costly pitfalls trap the unprepared buyer. To help buyers prepare for a major purchase and avoid these potential pitfalls, Community Development Banking supports Home Buyer Clubs at community organizations across the PNC footprint.
- Individual Development Account
PNC also supports the administration of Individual Development Account programs offered by nonprofit organizations to help low- and moderate-income families save for a home or higher education.
- Volunteer Income Tax Assistance
Through an alliance with the Internal Revenue Service, PNC offers prepaid Visa debit cards, free check cashing and financial education to lower income people who participate in the Volunteer Income Tax Assistance program.
- PNC School Bank
PNC School Bank is a youth savings program grounded in a school-branch alliance that helps children build savings accounts while introducing them to banking careers. Find more information about PNC School Bank.
in Financing in 2017
to low- and moderate-income populations and communities
Community Reinvestment Act
PNC earned an “outstanding” rating for its most recent Community Reinvestment Act exam and has consistently earned this top rating since examinations began
Community Reinvestment Act
Every three to four years, the Office of the Comptroller of the Currency, an independent bureau of the U.S. Department of the Treasury, evaluates a PNC's commitment to the communities we serve. This includes evaluating how we are meeting the credit needs of the entire community, including low- and moderate-income neighborhoods. Based on the evaluation, we, like other banks, are rated as outstanding, satisfactory, needs to improve or substantial noncompliance. PNC earned an “outstanding” rating for its most recent Community Reinvestment Act exam and has consistently earned this top rating since examinations began. Learn more about PNC’s Community Reinvestment Act rating.
Loans and Investments
In 2017, PNC provided $2.9 billion* in community development financing that benefited low-and moderate-income populations and communities, including:
- $2 billion in community development loans
- $93 million in other investments to benefit underserved populations and communities
- $331 million in equity commitments to provide affordable housing through the Low-Income Housing Tax Credit (LIHTC) Program
- $194 million to help finance community-supported economic development projects through the New Markets Tax Credit (NMTC) Program
- $294 million to restore historic properties and return them to productive use through the Historic Tax Credit (HTC) Program
*Reflects Community Reinvestment Act-eligible investments made across PNC's footprint.
PNC Real Estate Equity Products
PNC provides nontraditional capital to high-impact development projects in an effort to promote safe and affordable housing and to stimulate community and economic revitalization.
- Low-Income Housing Tax Credits
Ensuring access to affordable rental housing for families and seniors throughout the United States is important to PNC. Overall, PNC has more than $9.8 billion in affordable housing equity under management.
- New Market Tax Credits
PNC utilizes the New Market Tax Credit program to provide equity capital to projects that create jobs and drive investment in some of the country’s most distressed urban and rural neighborhoods.
- Historic Tax Credits
PNC is among the nation’s leading Historic Tax Credit investors and provides equity capital that incentivizes developers to preserve our historic structures and return them to productive use.
- Preservation Funds
PNC invests in affordable housing across the U.S. through our Affordable Rental Housing Preservation Funds. These funds are used to acquire affordable housing properties throughout the United States with the intent to preserve and extend long-term affordability using Low Income Housing Tax Credits.
Loans and Investments
- Affordable Housing Line of Credit
PNC created a new real-estate investment product for purchasing and rehabilitating affordable single family housing (up to four units). This revolving line of credit offers nonprofits and other developers an unsecured loan to buy and rehabilitate homes specifically for low- and moderate-income buyers.
- Loans to and Investments in Community Development Financial Institutions
Providing private capital to Community Development Financial Institutions, which provide credit and financial services to underserved markets and populations, generates economic growth and opportunity in some of our most distressed communities.
- Note Purchase Program
PNC securitizes Habitat for Humanity mortgage loans to create a capital source for continued development of Habitat for Humanity affordable housing.
- Bridge and Leverage Loans
PNC provides bridge and leverage loans as part of tax credit projects that create jobs and drive investment in distressed and low- and moderate-income neighborhoods.
- Financial Education
PNC developed an award-winning financial education curriculum to teach individuals and small businesses about money.
In 2017, PNC provided $2.9 billion in financing that benefited low- and moderate-income populations and communities.
Funds and Projects
- Asheville’s Dodd Meadows Housing Development
Once completed, Dodd Meadows will serve as the home for 110 families, including 400 children, many of whom will be the first generation to grow up in a home owned by their family. Thanks in part to PNC’s investment of more than $2 million, Dodd Meadows will consist of parks, playgrounds, sidewalks, walking trails, ponds, community gardens and bright cottage homes.
- Carolina Small Business Development Fund
The Carolina Small Business Development Fund’s (CSBDF) lending program expands North Carolina small businesses’ access to capital. Since 2012, the development fund has made 544 loans to women-, minority-, low-income and veteran-owned businesses throughout the state. In recent years, PNC has provided more than $3 million to extend access to capital to small business owners through the CSBDF, including a $1.5 million loan to support 44 small business loans in 2017.
Indianapolis’ Fuller Center Build Blitz
The mission of the Fuller Center Build Blitz is to eradicate substandard housing among Indianapolis residents. In June 2017, volunteers from across the country gathered in the Tuxedo Park neighborhood of Indianapolis’ east side to engage in a ‘blitz,’ or the construction of five houses in five days for those in need of a safe and affordable home. PNC community consultants interviewed families who were referred to the organization and sponsored a meet and greet evening where families and volunteers met one another.
- Pittsburgh’s Crawford Square
In an effort to preserve affordable housing in Pittsburgh’s Greater Hill District neighborhood, PNC Community Development Banking worked with the developer McCormick Baron to help purchase Crawford Square, a 348-unit mixed-income apartment complex that was slated for sale to new owners. The sale of the property could have risked the city losing nearly 200 units of affordable housing. PNC provided $13 million in loans to help acquire the apartment complex, which includes 194 units for households earning 60 percent or less of the median area income.
PNC provided $13 million in loans to help acquire Crawford Square in an effort to preserve affordable housing in Pittsburgh’s Greater Hill District neighborhood
- South Chicago Center Playground
Thanks to the Chicago Bears, Chicago Gateway Green and PNC Bank, the children of El Valor, a nonprofit community organization, have a new space to play and learn. The South Chicago Center Playground, to which PNC contributed more than $150,000 and 300 volunteer hours, features gardens, an outdoor classroom and a turf football field.
Corporate Awards & Recognition
- World's Most Admired Companies, FORTUNE magazine (2018)
- 100 Most Sustainable Companies, Barron’s (2018)
- Most Admired for HR, Human Resource Executive magazine (2018)
- J.D. Power 2017 National Bank Satisfaction StudySM (First-Place Ranking)
- Forbes Global 2000, Forbes magazine (2017)
Employer of Choice
- Great Workplace Award for Employee Engagement, Gallup (2017)
- 50 Happiest Companies in America, CareerBliss (2017)
Diversity & Inclusion
- A. Leon Higginbotham Corporate Leadership Award, The Lawyers’ Committee For Civil Rights Under Law (2018)
- 50 Best Companies for Diversity for 2018, BLACK ENTERPRISE (2018)
- Best Companies to Work for Women, WOMEN'S CHOICE AWARD® (2018)
- Best Companies to Work for Multicultural Women, WOMEN'S CHOICE AWARD® (2018)
- Top Financial Companies, Professional Woman’s magazine (2018)
- Top 1000 Company Worldwide for Millennial Women, Mogul (2018)
- 50 Best Places to Work for New Dads, Fatherly (2018)
- Financial Services Gender-Equality Index (BFGEI), Bloomberg (2018)
- Top 50 Employers, CAREERS & the disABLED magazine (2018)
- Best Places to Work for LGBT Equality, Human Rights Campaign (2018)
- 2018 Best-of-the-Best Corporation for Inclusion, National LGBT Chamber of Commerce/National Business Inclusion Consortium (2018)
- Top LGBT Friendly, Black EOE Journal (BEOEJ) (2018)
- Top Employer, Black EOE Journal (BEOEJ) (2018)
- Top Supplier Diversity Programs, Black EOE Journal (BEOEJ) (2018)
- Top Financial/Banking Companies, Hispanic Network magazine (2018)
- Best Places for Women & Diverse Managers to Work, Diversity MBA Magazine's 50 Out Front Companies for Diversity Leadership (2017)
- Top 50 Companies for Executive Women, National Association for Female Executives (2017)
- Top Diversity Employer, Professional Woman's Magazine (2017)
- The Most Powerful Women in Banking, American Banker (2017)
- Best of the Best for Top Disability-Friendly Companies, DIVERSEability magazine (2017)
- 100 Best Companies for Working Mothers, Working Mother magazine (2017)
- Top Corporation for Disability-Owned Businesses, US Business Leadership Network (2017)
- Diversity Leader Award, Diversity Journal (2017)
Military & Veteran Support
- Best of the Best Top Veteran-Friendly Companies, U.S. Veterans Magazine (2018)
- 2017 Best Corporations for Veterans Business Enterprises, National Veteran Owned Business Association (2017)
- Sponsor of the Year, Guardian Angels Medical Service Dogs, Inc. (2017)
- Employee Business Resource Group Exemplar Award, Vibrant Pittsburgh (2017)
- Spotlight Impact Award, PRISM (2017)
- Outstanding Community Reinvestment Act Rating
- Corporate Social Responsibility Leadership Award, Financial Services Roundtable (2017)
- Corporate Citizenship Award, Pittsburgh Business Times (2017)
- Leader in Climate Disclosure, Carbon Disclosure Project (2017)