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PNC Helps Client House the Homeless
Equity and Bridge Loans Build a Unique Community
The first cottage-style single-family homes in Spokane, Washington, designed to house people transitioning from homelessness, are being built with tax credit equity and a bridge loan from PNC.
Sponsor of the 24-unit community is Transitional Programs for Women, dba Transitions, an organization formed in 1986 by a consortium of Catholic Sisters from four Orders. Their mission is to provide a variety of social services to low-income individuals and families who are experiencing homelessness or fleeing domestic violence.
Taking advantage of a local cottage housing ordinance, they were able to design new single family homes adjacent to their headquarters and within a neighborhood comprised primarily of single family homes, making the project a welcome addition.
The project will provide studio, one-, two- and three-bedroom single-family homes serving individuals making between 30% and 50% AMI. Eighteen of the units will be set aside for households of the formerly homeless, three of which will house people with special needs including those with chronic mental illness, chemical dependency, survivors of domestic violence and physical disabilities.
Residents have access to a variety of services including a job training program, vocational services, life skills classes, legal services, child care and intensive case management.
In addition to the equity and bridge loan from PNC, the organization received a tax credit allocation along with funds from the state and the city so that they could build the homes without taking on permanent debt.
Discussing the project, Edie Rice-Sauer, Executive Director of Transitions noted, “We have been working on this community for nearly five years and are very excited that it is finally getting off the ground. PNC’s experience in underwriting supportive housing projects was particularly helpful, and their ability to provide equity and construction financing was a big help.
“Most importantly — this new community will help us to fulfill our unique participant-centered mission: giving every woman the opportunity to find success on her journey to stability and self-sufficiency.”
Date: September 2017
Location: Spokane, Washington
Financing Amount: $7.6 million
Financing Type: Tax Credit Equity and Bridge Loan
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