PNC Bank Invests $5 million Loan in Landmarks Community Capital Corporation
July 24, 2008
PNC Bank, a member of The PNC Financial Services Group, has invested a $5 million loan in Landmarks Community Capital Corporation’s Urban Economic Loan Fund. The Urban Economic Loan Fund provides short-term flexible financing at below market rates to non-profit organizations involved in revitalizing their communities.
Dr. Howard B. Slaughter, Jr., Chief Executive Officer of Landmarks Community Capital Corporation (LCCC) said, “This first investment in the Urban Economic Loan Fund will be the catalyst for more development in urban markets throughout Pittsburgh, where an economic stimulus is important for neighborhood revitalization, which advances more stability and creates viable places to live and work. We are appreciative of PNC’s willingness to invest in the Fund and have already made commitments to utilize this funding.”
“LCCC has already demonstrated its ability to effectively finance urban development,” said Mayor Luke Ravenstahl. “This significant investment from PNC will allow Dr. Slaughter to help reverse the disinvestment in Pittsburgh’s urban cores and be a differentiating factor in supporting the financing of Pittsburgh’s urban fabric – exponentially and strategically. This will be critical for sustainable urban revitalization.”
Congressman Mike Doyle stated, “This initiative is another important contribution to the revitalization of our community. I want to commend PNC Bank and Landmarks Community Capital Corporation for working together on this Urban Economic Loan Fund.”
City Councilman Ricky Burgess, whose district this is said, “PNC has consistently committed themselves to the communities of the City of Pittsburgh. I am confident that this worthy loan investment will be of great benefit to the urban cores of our great city, and will encourage other organizations to follow suit. My sincere thanks to PNC and Landmarks Community Capital Corporation for their efforts.”
“Landmarks Community Capital Corporation’s loan program supports PNC’s goal of strengthening communities through investments and partnerships with local organizations,” said Linda F. Morris, Senior Vice President & Western Pennsylvania Market Manager, PNC Bank. “Our commitment makes it possible for Landmarks Community Capital Corporation to offer below-market interest rates on loans, which will stimulate initiatives in affordable housing and community development. These are sustainable projects that should have a positive ripple effect throughout the region.”
State Representative Joe Preston said, “I am very pleased that PNC continues to support
the neighborhoods. First by providing banking services, and now reinvesting their dollars in the communities. The leadership at PNC and Landmarks Community Capital Corporation are greatly appreciated.”
State Representative Jim Ferlo stated, “Once again PNC has made a strong statement demonstrating their commitment to the neighborhoods in Pittsburgh. This is a real win-win for our City because we can have the utmost confidence in the stewardship of this commitment as well.
Landmarks Community Capital Corporation’s track record of investment speaks clearly to their dedication to quality projects that meet with their high standards for preservation, sustainability, and green building principles.
I am very excited by what can be achieved through PNC’s outstanding commitment and I applaud Dr. Slaughter’s continued efforts on behalf of Pittsburgh neighborhood reinvestment.”
Scheduled speakers at the press conference include: Mayor Luke Ravenstahl, Mayor of Pittsburgh; Mr. Charlie Batch – President & CEO Batch Development Company, Inc. and Landmarks Community Capital Corporation Board Member; Honorable Ricky Burgess, Pittsburgh City Council District 9; Ms. Linda Morris, Senior Vice President & Western Pennsylvania Market Manager, PNC Bank; Dr. Howard B. Slaughter, Jr. , CEO, Landmarks Community Capital Corporation; Honorable Joseph Preston, Pennsylvania House of Representatives District 24; Honorable Jim Ferlo, Pennsylvania State Senate District 38, Mr. Doug Smith, Sr. Vice-President, Wilbur Smith Associates and Chair, Landmarks Community Capital Corporation Board.