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PNC Real Estate Finances “Housing First” Initiatives
The new Thurgood Marshall Apartments complex in downtown Milwaukee, Wisconsin, is the most recent example of PNC Real Estate’s expertise with financing for customers who are working to house the chronically homeless.
Financing for the Thurgood Marshall complex included a $500,000 Milwaukee County Innovation Grant; a $385,000 City of Milwaukee Housing Trust Fund; and $300,000 from the Milwaukee County Housing Division, along with other financial resources. PNC Real Estate brought $2.75 million in Low Income Housing Tax Credits to the table.
The project is part of Housing First, a program that aims to provide the homeless with permanent housing and other supportive services.
“Last July, we made a pledge to end chronic homelessness in Milwaukee County. The commitment of our partners and community members in the Thurgood Marshall Apartments is a significant step in reaching this goal,” said County Executive Chris Abele in a press release posted on UrbanMilwaukee.com on October 5, 2016. “We are now able to provide safe housing to some of our most vulnerable homeless population as they begin their journey to stability and recovery.”
The building will offer 24 one-bedroom units for those who deal with chronic homelessness and alcoholism. Wisconsin Community Services will provide on-site social service support.
This is not the first time that PNC Real Estate has provided financing to help borrowers house the homeless. Recent projects include:
- Arcata, California: 15 units earmarked for the formerly homeless
- Bakersfield, California: Housing for formerly homeless veterans
- Fresno, California: Housing for the homeless
- San Francisco: Housing for chronically homeless individuals and on-site social services for residents
- Pittsburgh, Pennsylvania: Housing for homeless women with children
- Everett, Washington: Housing targeted for formerly homeless domestic violence victims
- Kennewick, Washington: Housing for the formerly homeless
In discussing the initiative, Todd Crow, Executive Vice President and Manager of Tax Credit Capital for PNC Real Estate noted, “Studies have shown that housing the chronically homeless and providing resources to deal with addiction and other issues is a win-win for communities and individuals. By financing these properties, PNC Real Estate is demonstrating how homelessness can be reduced nationwide through the right banking relationships.”
Important Legal Disclosures and Information
1. Effect of Scattered-Site Housing Using Rent Supplements and Intensive Case Management on Housing Stability Among Homeless Adults With Mental Illness, A Randomized Trial, Journal of the American Medical Association, March 3, 2015.
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