Community Development Banking

Loans and Investments

In 2018, PNC provided $2.6 billion* in community development financing that benefited low- and moderate-income populations and communities, including:

  • $2B in community development loans
  • $67M in other investments to benefit underserved populations and communities
  • $252M in equity commitments to provide affordable housing through the Low-Income Housing Tax Credit program
  • $269M to help finance community-supported economic development projects through the New Markets Tax Credit program
  • $7M to restore historic properties and return them to productive use through the Historic Tax Credit program

*Reflects Community Reinvestment Act–eligible investments made across PNC's footprint.

Community Reinvestment Act

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

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.

Products and Services

Through Community Development Banking, we offer numerous financial products and services to meet the diverse needs of our customers.

  • Foundation Checking
    This transitional checking account for customers who are just entering or re-entering the banking system has no balance requirements and lower daily point-of-sale and ATM limits. The financial education component, which teaches the basics of money management, is an important part of the account.
  • PNC SmartAccess®
    Our prepaid Visa® card enables customers to safely and easily access and manage their money.
  • First-Time Homebuyer Clubs
    These neighborhood clubs help first-time homebuyers by equipping them with the knowledge they need to navigate an often lengthy process and avoid costly pitfalls.
  • Individual Development Account
    We support nonprofit organizations that help low- and moderate-income families save for a home or higher education by offering and administering Individual Development Accounts.
  • Volunteer Income Tax Assistance
    We partner with the Internal Revenue Service to offer prepaid Visa® debit cards, free check cashing and financial education to low-income people who participate in the Volunteer Income Tax Assistance program.

Loans and Investments

When you believe in a community, you invest in its future. We do so in a number of ways.

  • Opportunity Zone Financing
    In 2017, Congress designated specific areas as "Opportunity Zones" to encourage the reinvestment of capital gains into low- or moderate-income communities. We are proud to be one of the first banks in the country to use this new tool and have pioneered a new real estate equity/debt hybrid product that provides low-cost capital to real estate projects.
  • Affordable Housing Line of Credit
    We offer a revolving line of credit that enables nonprofits and other developers to purchase and rehabilitate affordable single-family housing (up to four units).
  • Loans to and Investments in Community Development Financial Institutions (CDFIs)
    Our support of CDFIs helps provide credit and financial services to underserved communities, generating economic growth and opportunity.
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.
  • Note Purchase Program
    Habitat for Humanity actively works to provide home ownership opportunities to lower-income people. We secure these mortgage loans, giving Habitat for Humanity a source of capital to continue promoting home ownership.

Tax Credit Solutions

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.

  • Low-Income Housing Tax Credits (LIHTC)
    Access to affordable rental housing is a fundamental need for low-income families and seniors. To help, we sponsor and invest in funds that acquire tax credits from developers who use the proceeds to create and renovate affordable rentals. With more than $9.9 billion in affordable housing equity under management in 2018, we were the second-largest LIHTC syndicator/investor in the U.S. National Multifamily Housing Council. Also in 2018, we provided $340 million for construction financing to support LIHTC developments.
  • Preservation Funds
    We are one of the first financial institutions to sponsor and invest in Affordable Rental Housing Preservation Funds. These funds acquire properties that are considered to be "at risk" of being converted to market rental rates and use tax credits to redevelop them and ensure their long-term affordability. As of December 31, 2018, we had raised more than $320 million in equity and provided $195 million in lending to protect affordable housing.
  • New Markets Tax Credits (NMTC)
    In 2003, we pioneered investing in the New Market Tax Credits program, providing equity capital to projects that create jobs and drive investment in some of the country's most distressed urban and rural communities. To date, we have made more than $3 billion in Qualified Equity Investments under the program and manage $628 million of NMTC allocations from the U.S. Treasury Department.
  • Historic Tax Credits
    We are among the nation’s leading Historic Tax Credit (HTC) investors, offering equity capital that encourages developers to preserve historic structures and return them to productive use. To date, we have invested $1.2 billion in HTC.

Strengthening Connections. Fostering Success.

2018 Corporate Social Responsibility

Summary of Our Efforts »

Download 2018 CSR Report

Download 2018 Executive Summary

Learn More About CSR

Stakeholder Engagement »

Download previous Reports and Newsletters »

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.

Learn More

In 2018, we spent approximately


with small and diverse-owned businesses.

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

Learn More

Recognized for our Efforts

Corporate Awards & Recognition

Employer of Choice

  • 50 Most Engaged Workplaces™, Achievers (2018)
  • Most Admired for HR, Human Resource Executive magazine (2018)
  • 50 Happiest Companies in America, CareerBliss (2018)

Diversity & Inclusion

  • 2019 Employer of the Year, Disability:IN (2019)
  • Best Finance Companies for Women, Fairygodboss (2019)
  • Gender-Equality Index (BFGEI), Bloomberg (2019)
  • Best Places to Work for LGBTQ Equality, Human Rights Campaign (2019)
  • A. Leon Higginbotham Corporate Leadership Award, National Lawyers' Committee for Civil Rights (2018)
  • Top 50 Employers, CAREERS & the disABLED magazine (2020)
  • Top 70 Companies for Executive Women, National Association for Female Executives (2019)
  • 100% Score on the 2019 Disability Equality Index® (DEI®) Best Places to Work™
  • The Most Powerful Women in Banking and Finance, American Banker (2018)
  • 50 Best Companies for Diversity, Black Enterprise magazine (2018)
  • Best Companies to work for Women, WOMEN'S CHOICE AWARD® (2019)
  • Top Financial Companies, Professional Woman’s magazine (2019)
  • 2019 "Best-of-the-Best" Corporation for Inclusion, National Gay & Lesbian Chamber of Commerce (NGLCC) and National Business Inclusion Consortium (NBIC) (2019)
  • Best Companies for Dads, Working Mother magazine (2018)
  • 50 Best Places to Work for New Dads, Fatherly (2018)
  • Top Supplier Diversity Programs, Black EOE Journal (2019)
  • Top Employer, Black EOE Journal (2019)
  • Top LGBTQ+ Friendly, Black EOE Journal (2019)
  • 50 Out Front: Best Places to work for Women & Diverse Managers, DiversityMBA Magazine (2019)
  • Best of the Best for Top Disability-Friendly Companies, DIVERSEability magazine (2018)
  • Top Financial/Banking Companies, Hispanic Network magazine (2018)
  • Top 1000 Company Worldwide for Millennial Women, Mogul (2018)
  • Best Companies to work for Multicultural Women, WOMEN'S CHOICE AWARD® (2019)

Military & Veteran Support

  • Best of the Best Top Veteran-Friendly Companies, U.S. Veterans Magazine (2019)
  • Top Veteran Friendly Supplier Diversity Programs, U.S. Veterans magazine (2019)

Community Investments

  • Outstanding Community Reinvestment Act Rating
  • Silver Halo Award, Engage for Good (2018)
  • Laurie D. Zelon Pro Bono Award, Pro Bono Institute (2018)
  • Corporate Social Responsibility Leadership Award, Financial Services Roundtable (2017)
  • Corporate Citizenship Award, Pittsburgh Business Times (2017)

Environmental Sustainability

  • 100 Most Sustainable Companies, Barron’s (2018)
  • Leader in Climate Disclosure, Carbon Disclosure Project (2017)

Important Legal Disclosures & Information

Lending products and services are provided by PNC Bank, National Association and require credit approval.

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.