Pittsburgh-based PNC Bank is among the rare major institutions actively working to drive up the stock of affordable housing across the country.
The bank “has been investing in affordable housing for around 20 years,” a company executive told news media, with the institution over the years “buying some properties as their rent restrictions were about to expire” and working to “harness government programs that can help it to keep rents modest.”
The company’s “nationwide strategy to preserve affordable housing” tries to utilize tax breaks and other public policy measures to ensure a continuity of low-cost housing around the U.S.
The bank’s profit concerns are “balanced against the equally important goal of preserving long-term contractual affordability and keeping the existing tenants in their homes.”