PCRG Accomplishments

1)Bank Partnerships

  • PCRG has crafted relationships with 17 local banks to help those institutions channel capital to traditionally underserved communities. Since their inception, these partnerships have delivered over $4 billion dollars to revitalizing neighborhoods.

2)Community Lender/Credit Program

  • To fulfill its mission of encouraging community investment through homeownership, PCRG created the Community Lender/Credit Program (CLCP) to ensure individuals could overcome the greatest barrier to homeownership: credit. CLCP was merged into Neighborhood Housing Services, a countywide homeownership education and credit repair agency with national affiliations.

3)Land Reserve Bank:

  • PCRG identified the need for a standardized process for Community Development Corporation’s to acquire property for redevelopment. Working with the City of Pittsburgh and the Urban Redevelopment Authority (URA), the Land Reserve was created to provide a stable, efficient mechanism for the transfer of properties. The Land Reserve process is managed by PCRG through the Vacant Property Working Group. Since its inception, over 130 properties have been recycled using the Land Reserve process generating an estimated $300,000 in real estate taxes for the City of Pittsburgh and PittsburghPublic Schools. The Land Reserve continues to foster development in distressed neighborhoods. Currently, 85% of all properties in the Land Reserve are located in low- to moderate-income census tracts and 70% of properties in the Land Reserve are located in minority census tracts (tracts with greater than 50% minority population).

4)“I Have a Dream” and “Ain’t I a Woman” Homeownership Campaigns:

  • PCRG, in partnership with financial institutions and local government launched the “I Have a Dream” and the “Ain’t I a Woman” homeownership campaigns, specifically to help promote homeownership among minority populations in the City of Pittsburgh. These initiatives attracted 1,500 individuals and were successful in encouraging people down the path towards homeownership.

5)Community Service Partnerships:

  • Following a model that was developed in Philadelphia, PCRG successfully organized a campaign to mobilize the Pennsylvania Legislature to expand the Community Service Partnerships (CSP) to Pittsburgh which has allowed local corporations to receive generous tax incentives in exchange for long-term financial commitments to neighborhood development organizations. Currently, five organizations receive CSP support totaling over $1,000,000 each year.

6)Fannie Mae Partnership:

  • In conjunction with national partners, PCRG identified the growing problem with the banking industry of non-salable CRA mortgage loan portfolios threatening to diminish the availability of mortgage capital. Entering into partnership with Fannie Mae, PCRG ensured that over $250 million in local CRA loans were sold to Fannie Mae. As a result of this, new loan products were developed that could be readily transferred to the secondary market thereby freeing up new capital for neighborhood investment.

7)Predatory Lending Repair Agreements and Relationships:

  • PCRG’s Anti-Predatory Lending Initiative (APLI) has entered into agreements with several large national sub-prime lenders and built relationships with many others to ensure that homeowners impacted by predatory lending can receive a fair hearing and negotiated settlement with their lenders, a reprieve from foreclosure and an opportunity to sustain successful homeownership. Since 2002, APLI has secured over $1,000,000 in loan forgiveness, partnered with agencies providing legal assistance, offered financial literacy and lender access to over 1,000 area homeowners facing foreclosure.

8)City of Pittsburgh and Pittsburgh Public Schools Partnership:

  • Both the City of Pittsburgh and PittsburghPublic Schools utilize PCRG’s due diligence research to evaluate financial institution soundness and integrity prior to allocating institutional deposits.

9)Commonwealth of Pennsylvania Banking Bills

  • PCRG sat at the table with then Banking Secretary Bill Schenck to craft language culminating with the current banking bills circulating through both the State Senate and House for approval.

10) Bringing Regulators to Pittsburgh:

  • PCRG created the Regulatory Speaker Series to bring the heads of regulatory agencies to Pittsburgh to discuss the impact of their agencies on banks and communities in AlleghenyCounty.

11) “Don’t Borrow Trouble” Allegheny CountyCampaign:

  • PCRG received Freddie Mac’s much heralded “Don’t Borrow Trouble” campaign to promote throughout AlleghenyCounty. Don’t Borrow Trouble uses television commercials linked to a local agency to direct those in danger of losing their homes to call for counseling advice, support and assistance. PCRG has partnered up with 15 agencies to refer clients who do not fit into PCRG’s expertise to ensure timely assistance. PCRG is the only entity in Southwestern Pennsylvania to receive this program.

12) The Reinvestment Fund (TRF) Comes to Pittsburgh to Conduct a Market

Value Analysis

  • Working with the City of Pittsburgh, The URA, The Heinz Endowments and The Surdna Foundation, PCRG is managing a contract with The Reinvestment Fund (TRF) to identify where markets exist for the City of Pittsburgh. Based on this information as well as other qualitative and quantitative information, PCRG can assist the City develop a comprehensive plan.

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