Spinoff targets urban revitalization
The Pittsburgh History & Landmarks Foundation is forming a new nonprofit corporation to expand its activities in neighborhood and urban revitalization.
Mark Bibro, chairman of the South Side-based preservationist organization, announced Monday the foundation had hired Howard B. Slaughter Jr., who recently left his job as director of Fannie Mae’s Pittsburgh Community Business Center, as the unit’s CEO.
The new nonprofit — Landmarks Community Capital Inc. — will provide equity and debt financing for housing and economic development in Western Pennsylvania, eastern Ohio and West Virginia, said Arthur P. Ziegler Jr., the foundation’s president.
“This broadens the tools with which we can work,” said Ziegler, who also will serve as the new corporation’s president. “It enables us to tap the capital markets on a broader basis, and we can do more things within the very broad interpretation under which we operate for historic preservation.”
Cities and towns throughout Western Pennsylvania are historic, but restoring historic buildings isn’t the only way they can be revitalized, Ziegler said.
“You need new construction, you need new businesses on Main Street, or you may need new housing or new forms of green energy,” he said.
The idea of the new corporation is to raise funds through grants, loans and investments that the foundation can use for grants, loans and investments in such projects. Roles it can play include developer, co-developer or lender to community-development corporations and others that undertake such work.
It also hopes to contract with government and private agencies to define such projects and conduct feasibility studies for them, according to a news release. Goals include expanding regional employment, promoting energy conservation and assisting in rural and farm economic development.
“There is an opportunity in the market to provide appropriate financing for existing and new developments independently and in collaboration with other financial intermediaries and developers,” said Slaughter, 49. His appointment is effective Oct. 15.
Ron DaParma can be reached at email@example.com or 412-320-7907.