PNC Bank agreed to invest $2.5 million into Intend Indiana’s multifamily housing initiative for the state’s most vulnerable residents Sept. 12. The investment will be split: $1 million will go into equity equivalent investments (EQ2), and the other $1.5 million will go toward a line of credit.
Intend Indiana is a nonprofit organization committed to community development through innovative financing and development solutions. With four main initiatives – Renew Landbank, Affordable HomeMatters, Build Fund and Edge Fund – Intend Indiana hopes to increase access to opportunities in ways that are equitable and inclusive.
Steven Myers, chief executive officer of Intend Indiana, extended his gratitude to PNC Bank for this investment.
“Intend Indiana is incredibly thankful to PNC for making this substantial investment into our organization so we can deliver on our mission of connecting people to opportunity, PNC’s commitment will help expand our ability to make a long-term impact in our communities by providing security and stability for those who need it most,” said Myers.
With a statewide deficit of over 120,000 housing units needed for families that are low- or moderate-income, this financing will tremendously help those who live in areas that are undervalued and overlooked.
“As a national main street bank, PNC is focused on making a real impact in communities throughout Indiana,” said Patricia Gamble-Moore, PNC Community Development Banking market manager of Indiana. “This EQ2 investment enables us to provide low-cost capital solutions to solve for Indiana’s affordable housing shortage and reinforces our commitment to work with leading organizations like Intend Indiana to address the housing affordability gap and economic vitality of the communities we serve.”
The investment will first help the organization focus on the Passage, a multifamily development supported by Intend Indiana’s Edge Fund. The Passage will provide 39 affordable housing units to low-income households that are affected by intellectual and developmental disabilities. Eight units will be set aside for permanent supportive housing integrated throughout the property.
To learn more about Intend Indiana, visit https://intendindiana.org/.
