We invest our flexible loan capital creatively and intentionally to generate opportunities for people with low incomes and remove systemic barriers to help them thrive.
Lowell Community Health Center provides high quality, culturally competent, affordable health services to individuals and families who are medically underserved, uninsured, and low-income. With this loan, the Health Center provides new dental and vision services to their patients. It also increased adult health services and consolidated administrative offices into one locale. The health center serves more than 25,000 patients, annually.
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BNN (Boston's local cable network), renovated the former MBTA Power Substation in the heart of Egleston Square, creating 8,620 SF on two floors plus a basement, for studio and other spaces specially designed for television production. By consolidating its operations in one location, BNN expanded its youth programs, enhanced its public presence, provided one-stop production services, produced more content for its channels, and diversified its revenue sources by producing more shows for hire.
The Bank of America Community Development Corporation (BACDC) purchased the historic Hamilton Manufacturing Company textile mills and created 236 residential units and 22,000 SF of commercial space in the Hamilton Canal District of Lowell. The project is in the City of Lowell's Jackson Appleton Middlesex Urban Revitalization and Development Area (JAM Area).
Urban Edge Housing Corporation (UE) acquired from the MBTA a parcel of vacant land adjacent to property already owned by Urban Edge on Hyde Park Avenue in Roslindale. Urban Edge constructed 13 new affordable, homeownership units on the combined site.
A well-established pediatric dentist purchased the commercial building in which her practice was located.
The Massachusetts Housing Investment Corporation (MHIC) was founded in 1990 by a consortium of banks and other corporate investors to fill a critical gap in meeting the credit needs of affordable housing, economic and community development projects. The federal New Markets Tax Credit Program provided an investment vehicle for MHIC to support economic development projects.
The Scituate Racquet & Fitness Club first opened in 1978 in Scituate. In 2006, the owners opened a second facility in Plymouth.
BELL (Building Educated Leaders for Life) was founded in 1992 by a group of Black and Latino students at Harvard Law School as a small tutoring program in Boston. BELL grew and evolved into the largest evidence-based summer learning provider in the U.S. and a national leader in PK-8 out-of-school time education.
The Crombie Street United Church of Christ in Salem has long operated a soup kitchen, a homeless shelter and a thrift shop. The acquisition of the St Mary’s Church complex from the Archdiocese of Boston allowed them to expand their services substantially to include life skills, vocational training in food services and transitional housing.
PCI participated in MassHousing’s construction loan for a proposed 99-unit homeownership development.
Villages at Stow is a 96-unit development on 36 acres. 60 units are single-family detached homes and 36 are townhouse style condominiums. 24 units are affordable for low- and moderate-income households (incomes no higher than 80% of the area median) and six units are affordable to households with incomes no greater than 120% of area median-income.
