Pittsburgh Greenhouse

After meeting with Stephanie Cipriani and Maryellen Sullivan of PNC Bank this morning, I'm feeling optimistic that financing options may still be available for residents of Polish Hil. Specifically, the meeting resulted in the following

• PNC's acquisition of National City will not adversely affect charitable projects run by National City, in fact it will bolster them (Per PNC)
• PNC's community development financing options, under a separate LLC in conjunction with Wells Fargo, are still available to qualified borrowers under certain conditions:
  • Address qualification under the FFEIC designation
  • Income and credit score (~650)
• Standard mortgage financing as well as FHA203K restoration and construction loans are available.
• Financing for larger, multi-unit and commercial projects is available as well.
• Grants are available for closing costs

However, because FHA203K does not provide the provide the 20%/40% deferral options, interest payments would be higher than a URA HRP loan, we may be able to offset the costs.

However, the combination of Green Communities Online from Enterprise financing could assist, given the right opportunity presents itself on Polish Hill.

Terry Doloughty and I spent most of Sunday working on sorting out housing data in the new Wiki. A few blips on the opportunity radar, but nothing solid at this point. Another ~25 days until we can discover the name of the speculator that purchased 329 Hancock St.