Jul 24, 2008 6:47 pm US/Eastern
PNC Announces Low Income Neighborhood Investment
PITTSBURGH (KDKA) ―
PNC Bank made a major announcement today that local leaders hope, will bring renewal and revitalization to some of the city's neediest neighborhoods.
PNC will invest $5 million in Landmarks Community Capital Corporation's Urban Economic Loan Fund, to make low-interest loans to developers who want to fix up business districts and build low-cost housing in low income communities like Homewood.
"The number one question I was asked why Homewood," said LCCC's Howard Slaughter. "Because Homewood has opportunity. Homewood is alive. And we need to do more in Homewood."
State representative Joe Preston, who represents Homewood, predicts the $5 million investment will spark other public and private investment in LCCC's projects.
"This will encourage the leverage that you have not seen in Homewood in 40 or 50 years," predicted Preston at a news conference held in the parking lot of the PNC Bank branch in Homewood.
PNC, which operates the only remaining bank in Homewood, made the investment as part of their ongoing commitment to the community.
"The ability to invest in a fund such as this and provide support to initiatives which are so needed we feel is very important to the communities we serve," Vice President Linda Morris told reporters.
Morris presented a giant check to LCCC's Slaughter and posed for pictures with local and state officials.
Mayor Luke Ravenstahl, who also attended the news conference, says re-investing in long-neglected communities like Homewood is important to the health of the entire city.
"The neighborhoods are our history," said Ravenstahl. 'They're our future. It's why organizations like USA Today write stories like they did this week about how fine a place Pittsburgh is to live."
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