Even as PNC extends its reach into new markets across the country, PNC Real Estate has continued to make significant investments in communities throughout Pennsylvania.

“The work of our PNC Multifamily Capital group has had a meaningful impact across the country, everywhere from areas where we have only recently established a presence to cities and towns that PNC has called home for a long time,” said John Nunnery, manager of originations with PNC Multifamily Capital. “Our reach as a bank has broadened, but our commitment to investing in the future of communities in long-established parts of our footprint, including the commonwealth of Pennsylvania, remains as strong as ever.”

Light of Life Rescue Mission

Many of these investments have taken the form of constructing or improving facilities that provide needed assistance to underserved communities. One example is the Light of Life Rescue Mission in Pittsburgh. In 2022, PNC Community Partners, Inc. provided $2 million in New Markets Tax Credit (NMTC) allocation in partnership with Pittsburgh Urban Initiatives, LLC to acquire, renovate, and expand a former school building to create a new shelter for individuals experiencing homelessness. The new facility provided Light of Life the opportunity to relocate from their previous premises and expanded facilities, including additional room for sleeping and bathing spaces, training areas, computer labs, counseling offices, classrooms, a kitchen and dining area, a food pantry, and a donation center. As a result, Light of Life has been able to expand its reach to those in need through programs including abuse recovery, job training, employment placement, housing referrals, parenting classes, daycare and afterschool care, and health referrals.

Chalfont Hall

Chalfont Hall is another Pittsburgh development with a focus on equipping individuals with important life skills. PNC purchased $7.5 million in NMTC allocation from Pittsburgh Urban Initiatives, LLC to renovate the historic Chalfont Hall on the campus of the Community College of Allegheny County. The renovation included adding a Faculty Innovation Center with classrooms, laboratory spaces, and faculty offices. The project has brought training options to Pittsburgh's urban residents and increased opportunities for a more diverse student body with a 29% minority makeup. It has had a significant impact on low-income communities in Pittsburgh by making educational opportunities more easily accessible to individuals who are unemployed, underemployed, or seeking a career change, as well as first-generation college students.

Philadelphia Youth Basketball

Physical activity as a vehicle for improving overall well-being was at the heart of a collaboration with Philadelphia Youth Basketball. PNC Community Partners, Inc. partnered with other NMTC allocatees to contribute to an overall $20 million in NMTC allocation to transform a former industrial building in North Philadelphia into a 95,000-square-foot, state-of-the-art youth basketball, education, and community empowerment center. The facility includes multiple basketball courts and classrooms, a civic engagement convening area, a health and wellness wing with a healthy food commissary, strength and conditioning areas, injury rehabilitation and wellness programs, and a Philadelphia Basketball Hall of Fame lobby. The building provided the center with the opportunity to expand their programming to reach more than 6,000 low-income youth per year – a substantial increase from 800 per year. It also increased the number of permanent full-time and part-time jobs the center was able to offer, which is an important component of the NMTC program.

“PNC is proud to call Pennsylvania home, and we have a steadfast commitment to supporting communities across our Commonwealth,” said Lou Cestello, head of regional presidents at PNC. “As an institution, we are always on the lookout for ways we can work with local entities to make a difference and bring resources to those who need them most.”

Learn More about PNC Multifamily Capital Investments in Local Communities

Ready to Help

PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, senior housing and conventional products. Each year, PNC Multifamily Capital finances or invest in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more, or contact your relationship manager.