“We are laser-focused on the impact we create. How does this change lives and provide the capital to own a home, start a business, stabilize or revitalize the community,” Richard Bynum
- The second annual symposium brings together more than 120 business and community stakeholders to achieve sustainable economic prosperity
- Inaugural Community Needs Assessment Survey Names Affordable Housing and Workforce Development as Top Priorities for Organizations Serving Low-to-Medium Communities
PNC’s second annual Community Leadership Symposium brought together business, policy and community leaders from across the country for a day of networking, panel discussions and evidence-based learning at The Tower at PNC Plaza in Pittsburgh.
At last month’s invitation-only symposium, nearly 120 leaders from a diverse cross-section of industries joined PNC leadership and stakeholders to share data-driven insights and actionable solutions to expand economic opportunity for low- and moderate-income communities and communities of color.
“Forums like this provide our stakeholders with a shared space to learn, network and discuss the work we are doing to create a more inclusive economy,” said Chief Corporate Responsibility Officer Richard Bynum. “To deliver real impact in our under-resourced communities, we must continue to listen and build on the transformative work we are achieving with the Community Benefit Plan.”
PNC hosted the annual meeting of community stakeholders as part of the company’s broader commitment to provide $88 billion in loans, investments and other financial support to expand economic opportunity for low- and low-income individuals, communities and people of color average income (LMI). During the event, Bynum shared an update on the plan’s progress, noting that even in a tough interest rate environment, PNC expects to exceed the home lending goals set out in the four-year plan.
New assessment from community stakeholders shows critical need for housing
Across the country, demand for affordable housing continues to exceed supply. And despite increased financing efforts, such as PNC’s Community Benefit Plan, stakeholders expect the pipeline of future projects to continue to fall short as both developers and consumers face increasing cost pressures.
That’s one of the key findings from new research revealed by Reymundo Ocañas, managing director of Community Development Banking, at this year’s event. PNC’s inaugural 2023 Stakeholder Needs Assessment Survey, an in-depth survey of nearly 1,000 community stakeholders, examines the most pressing barriers, needs and trends among community economic development organizations serving LMI communities throughout the PNC area .
“We received responses from nearly 500 community organizations and affordable housing emerged as the top-ranked need for LMI members in our regions, closely followed by workforce development and neighborhood revitalization,” Ocañas said. “These findings give us an opportunity to develop intentional and actionable strategies to better support the communities that need it most.”
With a focus on creating measurable community impact, Ocañas noted that insights from the research will support future implementation of the Community Reinvestment Act (CRA) and Community Benefit Plan programming and strategies in PNC’s markets and will help strengthen the Bank’s existing community development efforts.
Panelists share actionable solutions to accelerate community impact
The symposium leaned on a commitment to delivering evidence-based learning to increase economic opportunity in LMI communities and included four discussion panels that provided participants with the opportunity to explore various challenges highlighted in the Community Stakeholder Survey.
Moderated by PNC’s Chief Diversity Officer Gina Coleman, Retail Banking Alex Overstrom and Head of C&IB Mike Lyons, a series of panel discussions focused on compelling community investment topics, highlighting best practices in economic inclusion, affordable housing, community development workforce, small businesses and climate resilience. .
Experts from the Center for Economic Inclusion, Raza Development Fund, National Community Reinvestment Coalition and other well-known community organizations shared experiences and actionable solutions to increase entrepreneurship as a way to increase generational wealth to leveraging alternative credit history models to build affordable rentals and improve homeownership. supporting sustainable economic development within under-resourced communities.