South Pittsburgh Reporter - Serving South Pittsburgh Since 1939

$1.8 Million grant will enhance lending in underserved communities

 


 Landmarks Community Capital Corporation, a non-profit lending subsidiary of Pittsburgh History & Landmarks Foundation, has received a $1,825,000 grant from the U.S. Department of the Treasury, as part of the federal government’s award of $1.25 billion in Covid-19 relief funds for community development financial institutions (CDFIs) working in underserved communities.

The awards announced at the White House by Vice President Kamala Harris and Treasury Secretary Janet L. Yellen, were made to 863 organizations across the country in an effort to provide necessary capital for community lending organizations to respond to the economic challenges created by the Covid-19 pandemic.

“In serving places that the financial sector historically hasn’t served well, CDFIs lift our whole economy up. We know that for every dollar injected into a CDFI, it catalyzes eight more dollars in private-sector investment,” said Secretary Yellen.

The grant funds are meant to support eligible activities such as financial products, financial services, development services, and certain operational activities, and to enable community-lending organizations to build capital reserves and loan-loss reserves.

Certified by the U.S. Department of the Treasury as a CDFI in 2007, Landmarks Community Capital is a reliable small-balance purchase/construction lender with expertise in historic preservation, commercial lending, and construction management. It provides loan capital to both non-profit and for-profit developers for the purpose of purchasing and rehabilitating affordable housing and commercial buildings.

“We are profoundly happy to receive this grant. It not only enhances our organization’s ability to provide much-needed financing in underserved communities, but it is a vote of confidence in our organization’s work of helping to finance projects that improve the quality of people’s lives in historic communities,” said Michael Sriprasert, president of Pittsburgh History & Landmarks Foundation and LCC, its non-profit lending subsidiary.

More information about the grant is available at http://www.cdfifund.gov/news/420

Contact Senior Loan Officer, Rob Wagner (rob@phlf.org or 412-471-5808, ext. 538) for more information or to discuss a project or to apply for a loan.

 

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