INVESTING IN THE FUTURE OF AFFORDABLE HOUSING IN N.C.: This is the twenty-eighth in a series of informative monthly articles for North Carolina businesses from PNC in collaboration with BUSINESS NORTH CAROLINA magazine.

As North Carolina continues to attract tremendous business growth and recruit the workforce necessary to deliver on the state's tremendous potential, rising costs and increased demand for housing are exerting significant pressure on the supply of affordable rental housing in communities throughout the region.

While the affordable housing challenge is not unique to North Carolina, it represents a significant area of concern --and not only for households dependent on access to reasonably priced housing, but to the economy at large, says Venus Myles, senior vice president and PNC Community Development Banking market manager for the Carolinas.

Myles, who leads a North Carolina-based team that is laser-focused on helping improve the quality of life in low-and moderate-income neighborhoods, points to research from the National Low Income Housing Coalition that calculates the shortage of affordable housing as costing the U.S. economy approximately $2 trillion per year in lower wages and productivity. That reality alone, she says, brings validation to the multi-stakeholder efforts underway to help improve access to affordable housing.

"All of us at PNC recognize the imperative to bolster the supply of affordable housing throughout the country and right here in North Carolina," says Myles. "And as a national main street bank, we are uniquely positioned to help support the various pathways to build and preserve affordable housing in our communities."

In North Carolina, PNC Community Development Banking's investments and initiatives to enhance the supply of affordable housing vary by community, based on the housing infrastructure and needs unique to local populations--from preserving Naturally Occurring Affordable Housing (NOAH) in Charlotte to building new supportive housing units in Rocky Mount.

PRESERVING NOAH IN MECKLENBURG COUNTY

A relatively new strategy to bolster the supply of affordable housing in Mecklenburg County, NOAH preservation represents a less expensive and faster alternative to building new construction, particularly in areas with existing housing infrastructure, and also mitigates the loss of affordable housing units and displacement of low--and moderate-income residents, says Myles.

To help activate this strategy, PNC Bank recently invested $8 million in Housing Impact Fund II (HIF II), a $66.8 million social impact equity fund raised to preserve NOAH in Mecklenburg County.

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