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Bankers/Developers/Housing Advocates: Partnering to Create
Housing Opportunities
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Macy Kisilinsky, PNC Bank
Elly Fisher, Oakland Planning and
Development Corp. (OPDC)
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Evolving Relationship Business Banking: • Checking, savings, line of credit and some mortgages • Strong relationship with business banker and local
branch manager Neighborhood Partnership Program: • 6 year funding commitment in exchange for tax credits • Supported community development services from
organizing to workforce development • Formed a deep long-term relationship • Community Development representative on our board
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Evolving Relationship (continued)
Housing Development Application: • Support letter for Low Income Housing Tax
Credit application • Ongoing support and advice to prepare for
award
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Why the Relationship Worked
OPDC: • PNC was dependable, offered products/services
that they needed and shared their interest in developing a longer term relationship
PNC: • OPDC had a track record, they were well
established and experienced • Demonstrated mission driven results, with
staying power
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Keys to Success
PNC: • Navigating the bank organization - finding the right
person at the bank to fill your needs • For a large bank like PNC that may involve getting
to know several people. For smaller banks it may be one person
OPDC: • Start with the Community Development Department,
introduce yourself and your organization, articulate your needs, look for other possible connections
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Andy Haines, S&A Homes
Becky Yago, Dollar Bank
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Federal Hill
Project details: • Pittsburgh, PA • Build and sale period-2009-2012 • 44 homes constructed and sold • Price Range- $145,000 to $380,000 • Homes are reselling at 50% appreciation on average • Built by S & A Homes and Central Northside
Neighborhood Council
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Federal Hill
Financing Sources: • PHFA Homeownership Choice Program • Urban Redevelopment Authority • PHFA & Dollar Bank Construction Loans
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Before
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After
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After
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After
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Why the Relationship Worked
S&A Homes: • Dollar understood the nuances of their deal. Four
funding sources, two were grant sources, bank needed to understand how they all work together
• Dollar had knowledge of the neighborhood and the challenges involved
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Why the Relationship Worked
Dollar Bank: • Expertise and experience of S&A Homes and
their development team – particularly as it relates to construction process. This is where everything happens
• Key underwriting concern – would the market absorb the units planned? Dollar, like the mixed income aspects
• If the deal runs into an obstacle, how are the interests of the bank protected? Gets back to the strength of the development team
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Keys to Success • Understand and be comfortable with the typical multi-
layered financing involved in affordable housing development. Be aware of the different parameters for each source of financing, understand the impact of scale and complexity of the project
• Be prepared to “roll with the punches” expect the unexpected. Both partners
• CRA is a consideration but not always the key driver for banks, track record of the development team is often more important
• Communication among partners. Don’t over react, but don’t under react either. Situations sometimes change quickly particularly during construction, is the relationship nimble enough to react effectively?
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Mollie Phukan, Wells Fargo Home Mortgage
William Hall, Clarifi
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Foreclosure Prevention Efforts Details of the relationship: • Foreclosure Client pipeline management -
specialized team created to help agency manage loss mitigation process
• Foreclosure Prevention Events – – large scale Wells Fargo sponsored events with non-
profit participation – small scale co-branded events
• Atlantic City Casino Closings – partnership on efforts to connect those impacted by casino closings with valuable community resources.
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Why the Relationship Works
Clarifi: • Both sides aligning business goals • Shared mutual interest
Wells Fargo: • Agency leadership open to approaching the
partnership in different ways as industry and markets change
• Valuable perspective on market nuances
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Keys to Success
Clarifi: • Non-profit organizations should put their best
foot forward when engaging with banks, start by doing your homework
• The approach should be relational not transactional. Be clear about what each brings to the table and the roles each will play in the relationship
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Keys to Success
Wells Fargo: • Defining common goals and building the
relationship through those goals • Feedback and communication • Quality and dependability make for a strong
relationship