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PNC Real Estate Finances Homes
For Determined Scholars
Lincoln Grant Scholar House provides stable housing in 45 new affordable units for households with incomes no higher than 50% AMI. It serves single parents who are pursuing higher education and the children counting on them.
Built in 1931, the historic site of the Lincoln Grant Scholar House was formerly an elementary school for African American students and remained a community asset until 2003 when it became vacant. It is being developed by Northern Kentucky Community Action Commission (NKCAC) and Marian Development Group, both long-term PNC Real Estate clients.
The mission of the Family Scholar House program is to end the cycle of poverty and transform the community by empowering families and youth to succeed in education and achieve life-long self-sufficiency. PNC has financed four Family Scholar House campuses in Louisville, Kentucky. NKCAC's Lincoln Grant Scholar House is the newest affiliate program.
A low income housing tax credit (LIHTC) award from Kentucky Housing Corporation in the amount of $717,498 resulted in equity proceeds from PNC Real Estate in the amount of $7,174,263 for the LIHTCs and $1,079,875 for the federal Historic Tax Credits, providing the majority of the financing. The City of Covington, the Kentucky Heritage Council’s State Historic Preservation Office and the Federal Home Loan Bank of Pittsburgh were also vital sources of funding.
Although housing is provided, residents are responsible for maintaining their grade point average and completing four hours of community service per month. With the support of academic advisors, family services and their peers, they supplement their Pell grants with student loans and scholarships for tuition and often work at their school or in the community to cover day-to-day expenses. To date, Family Scholar House students have earned 370 college degrees. 77% have achieved stable employment and 63% of participants have continued their education — usually in graduate studies. Graduates enter careers, buy homes and become contributing members of their community.
The benefits ripple beyond the individuals and families Family Scholar House serves. Chris McDaniel, Kentucky State Senator, noted in a congratulatory letter that, “It‘s a wonderful addition to the revitalization efforts currently underway in the city. The reuse of this building will also enhance the current work to redesign Randolph Park adjacent to the site.”
Florence Tandy, Executive Director of NKCAC, notes, “PNC Real Estate takes our mission as their own. And they are experienced and persistent in providing financing that makes Scholar House programs viable. Together, we provide a foundation from which participants can thrive.”
Date: December 2015 (closing); December 2016 (construction completed)
Location: Covington, Kentucky
Financing Amount: $875,000
Equity Amount: $8,250,137
Financing Type: Permanent loan
Units: 45 student housing units
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