PNC continues to support equity investment in innovative ways to solve California's housing crisis and homelessness crisis.
LOS ANGELES - SoLa Impact has announced a $7.5 Million investment by the Community Development Banking group of PNC Bank in SoLa Impact’s Black Impact Fund. Also known as SoLa Fund IV, PNC's equity stake in Los Angeles' most prominent, Black-led housing developer will be used to fund the construction of affordable housing units for residents with low incomes. SoLa's fourth fund, the Black Impact Fund, will add over 3,000 workers and affordable housing units to Black and brown communities throughout Southern California.
Martin Muoto (founder and CEO of SoLa Impact) said, "We are thrilled to partner with PNC Bank for the solution to the crisis in housing affordability in California." "Investments such as these allow us to build more units and serve more residents in communities that are burdened with high living costs. PNC's dedication to the Community Reinvestment Act is more than just investing in minority communities. It also works with Black-led operators like SoLa Impact. This investment allows Black Impact Fund to continue scaling its production of affordable, workforce multifamily assets. It also allows us to lower the cost of delivering these units. Our ultimate goal is to provide superior returns to not only our investors but to the community as well.
Todd Wilson, PNC Bank's regional president for Greater Los Angeles, stated that PNC Bank, a major bank on the main street, is focused on making real impacts in communities across Los Angeles. "This Black Impact Fund investment will enable us to solve Southern California's housing affordability crisis and strengthen our commitment to working with leading organizations such as SoLa to close the gap in housing affordability in the communities that we serve."
PNC's $88 billion Community Benefits Plan is the source of its investment. This plan will provide loans, investments, and financial support to boost economic opportunity for people and communities with low and moderate incomes, people and communities and people and communities that are underserved over a period of four years, beginning Jan. 1, 2022. PNC has pledged to invest at least $14.5 Billion in community development loans across all markets. This includes at least $400 Million for Community Development Financial Institutions, which help provide financial services and banking support to traditionally underserved communities.
PNC's commitment is to provide economic opportunity for all people and communities. This includes LMI and minorities, women, veterans, LGBTQ+ individuals, and businesses. The Plan also reflects PNC’s commitment to address systemic racism, promote social justice, and advance diversity and inclusion. This is not only within PNC but throughout the wider financial system and communities.
Los Angeles is proud that PNC invested in SoLa's Black Impact Fund. This shows that PNC is committed towards development and reinvestment within its underserved communities. PNC is one of many large banks that understand SoLa’s data-driven approach for affordable housing and community engagement, particularly in low- and medium-income areas that have been historically undervalued or overlooked.
SoLa Impact, a leading institution investor and community-focused bank, wealthy individuals and family offices, has raised $300 million through the Black Impact Fund. SoLa is one of the most prominent developers of affordable and worker housing in Southern California thanks to its unique combination of cost-disciplined for-profit development, standardization in building processes, and community engagement. There are over 1,500 units under management, and another 3,000 on the horizon. You can find more information about SoLa Impact at URL.
About PNC Bank
PNC Bank, National Association is a member The PNC Financial Services Group, Inc. PNC is one the largest and most diverse financial institutions in the United States. It is based around its customers and communities and provides local delivery of retail and commercial banking services, as well as specialized services for government entities and corporations, such as corporate banking and asset-based lending, wealth management, and corporate banking. Visit URL for more information about PNC.
About SoLa Impact
The fourth SoLa Impact fund, the Black Impact Fund is part of an initiative that invests over $1 billion in affordable housing for workers and related social impact strategies in urban areas in California.
SoLa Impact Media Contact:Karen Lewis(323) EMAIL
Black Impact Fund:Felicia EMAIL
PNC Media Contact:Patrice (202) EMAIL
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SOURCE SoLa Impact