PNC Financial Services: receives $ 55 million in tax credit allocation from US Treasury
PITTSBURGH, October 6, 2021 – PNC Tax Credit Solutions Group, a real estate firm of PNC, today announced that it has received $ 55 million in tax credits from the U.S. Department of the Treasury to help boost investment and economic growth in underserved urban and rural communities nationwide. The $ 55 million allocation is part of the 2020 $ 5 billion New Market Tax Credit (NMTC) program.
âThis new allocation will deepen PNC’s strategy of investing capital and critical resources in underserved communities through our footprint,â said David Gibson, senior vice president and director of specialty tax credit investments for PNC Tax Credit Solutions Group. âUsing our NMTC allocation, we will provide funding for a wide range of projects and businesses, which will ultimately foster economic prosperity, growth and development tailored to meet the most pressing needs of communities. of our national footprint. ”
Out of over 200 applicants, PNC was selected as one of 100 Community Development Entities (CDEs) to receive a share of the NMTC’s overall allocation powers recently announced by the Community Development Financial Institutions Fund. (CDFI) of the Treasury. This is the third consecutive allocation from the PNC and the ninth overall allocation under the NMTC program. Since its first award, PNC has supported nearly 340 community development initiatives in 31 states and has invested more than $ 1.4 billion as a sole capital investor and through strategic partnerships with other CDEs.
PNC’s Tax Credit Solutions Group allocates NMTCs and invests in projects in low-income communities that traditionally lack access to the long-term capital investments needed to establish critical neighborhood infrastructure, support and develop businesses and create jobs. The program is an effective economic development tool, as it helps offset the perceived risk of investing in struggling communities while enabling CDEs with intimate local knowledge to determine how NMTCs can be best harnessed and deployed. This framework allows investments to directly respond to the most urgent needs facing communities. According to the Treasury Department, the NMTC program scholarships generated more than $ 8 in private investment for every $ 1 invested by the federal government.
Many recent NMTC-funded PNC projects have played a critical role in supporting health and social service needs in their communities throughout the instability created by the COVID-19 pandemic. Some of these projects include a 320,000 square foot distribution facility for the Atlanta Community Food Bank; a new 28,000 square foot facility to support education and workforce development through the Hope Center for Families in Dayton, Ohio; the construction of a new 24,000 square foot homeless shelter for Light of Life Ministries in Pittsburgh; and an emergency shelter supporting victims of abuse for the Kalamazoo Rescue Mission in Michigan; among others.
PNC Tax Credit Solutions Group, a PNC Real Estate company, provides capital solutions by investing, sponsoring and syndicating funds to help transform and revitalize communities across the United States. These impactful projects not only help meet critical needs in underserved communities, but also seek to spur economic development and additional investment to benefit populations historically neglected by developers and investors. For more information on Tax Credit Solutions or PNC Real Estate, visit www.pnc.com/immobilier.
PNC Bank, National Association, is a member of PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its clients and communities for strong relationships and local delivery of personal and business banking services, including a full range of loan products; specialized services for businesses and government entities, including business banking, real estate financing and asset-backed loans; wealth management and asset management. For more information on PNC, visit www.pnc.com.
The PNC Financial Services Group Inc. published this content on 06 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 06 October 2021 04:15:06 PM UTC.