PNC Real Estate
Charles L. Edson Tax Credit Award

Affordable Housing Tax Credit Coalition Recognizes Property Financed by PNC Real Estate with Prestigious Award

The prestigious Charles L. Edson Tax Credit Excellence Award recognizes PNC's financing of the Louisville Scholar House for single parents pursuing advanced degrees.

The Affordable Housing Tax Credit Coalition offers annual recognition of projects in five categories. The 2009 Charles L. Edson Tax Credit Excellence Award in the national special needs category went to PNC Real Estate for financing the Louisville Scholar House.

The Louisville Scholar House consists of 56 units of affordable housing for single parents going back to school for advanced degrees. This significant and important community project was made possible, in part, by the services provided by PNC Real Estate's tax credit capital group.

"PNC Real Estate had a terrific year in 2009 despite tough market conditions," said Scott Bassin, who heads the multifamily segment. "PNC's financial strength and the quality of our people in both our agency finance and tax credit capital groups allowed us to make some great multifamily housing projects become a reality within the communities we serve, while also taking advantage of opportunities that many of our competitors could not."