Urban Redevelopment Authority of Pittsburgh Finalizes Financing for Chalfant Hall CCAC Project
PITTSBURGH, (November 1, 2022) - The Urban Redevelopment Authority of Pittsburgh (URA) has announced that Pittsburgh Urban Initiatives (PUI), a Community Development Entity (CDE) affiliated with the URA, has closed a recent New Markets Tax Credit (NMTC) transaction to support the Chalfant Hall project, which will become the Community College of Allegheny County’s (CCAC) Center for Faculty Innovation and Virtual Campus.
The $12 million renovation is part of CCAC’s Pioneering Pittsburgh’s New Workforce campaign that has raised over $80 million to date, including funding from the Pennsylvania Department of Education and numerous corporate and foundation partners in the region. The funding for Chalfant Hall includes $7.5 million in New Markets Tax Credit (NMTC) allocation from PUI, capitalized in part with a NMTC equity investment from PNC Tax Credit Solutions, $1 million from the Redevelopment Assistance Capital Program (RACP); and $10 million from private donors.
“We are excited to work with both the URA and PNC Bank to finalize our fundraising efforts for the Chalfant Hall project,” said Jamie McMahon, CEO of the CCAC Educational Foundation. “As the campaign progresses, we continue to seek support from a variety of corporate, foundation, and individual donors across the Pittsburgh region.”
Located on Ridge Avenue at CCAC’s Allegheny Campus on Pittsburgh's North Shore, the historic Chalfant Hall was built circa 1900. The new facility will serve as the home of a new Center for Faculty Innovation (CFI), complete with supporting instructional classroom space, offices for the Endowed Professor for Teaching and Learning, the Endowed Professor for Technical Curriculum, and the dean of the Virtual Campus, as well as a digital learning lab and a testing lab, among others. Renovation work began on the 17,584 sq. ft. building in Jan. 2022 and the project is expected to be completed by late 2023.
“PNC is committed to leveraging the New Markets Tax Credit program and the full depth and breadth of our banking solutions to provide the financing and resources Pittsburgh needs to thrive,” said Lou Cestello, PNC regional president for Pittsburgh and Southwestern Pennsylvania. “CCAC has been a vital resource, providing critical education and workforce development to residents across our region; and the completion of Chalfant Hall will only amplify the impact for years to come.”
Since February 2011, PUI has received $234 million in NMTCs in seven rounds of awards. PUI has used NMTCs to help finance numerous City of Pittsburgh developments, including East End Cooperative Ministry's Community House, the Energy Innovation Center, The Gardens at Market Square, Wood Street Commons, 7800 Susquehanna Street, Point Park Playhouse, and City of Asylum. Currently, PUI is looking toward investments in several other projects, including Steel City Squash, the Jasmine Nyree Campus, commercial development at Fifth and Dinwiddie, and New Granada Square.
“CCAC provides community services to some of our most vulnerable residents, those seeking to better themselves and regain a foothold in the workforce,” said PUI President, Rebecca Davidson-Wagner. “They are doing important work to support Pittsburghers, and PUI is thrilled to participate in their growth and development through the financing of this facility."
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
About the Community College of Allegheny County
Since its founding in 1966, CCAC has flourished, becoming the educational powerhouse it is today—a nationally renowned two-year college dedicated to serving all members of the community. From groundbreaking student success initiatives to top-ranked academic and career-based programs, CCAC continues to be the college of choice for nearly one out of every two adults in Allegheny County.
Each year, more than 30,000 students enroll at CCAC, taking advantage of nearly 150 degree, certificate, diploma and transfer programs as well as hundreds of noncredit and workforce development courses. Comprising four campuses and three neighborhood centers along with other off-site locations, CCAC is honored to have one of the largest veteran student populations in the state and takes pride in ranking among the nation’s top community colleges for the number of individuals graduating in nursing and the health-related professions.
CCAC graduates have transferred to the nation’s most prestigious colleges and universities, have obtained the most academically challenging and competitive degrees, and can be found at leading companies, organizations and institutions throughout the country. CCAC alumni are actively engaged in every sector of society, providing leadership to scores of economic, scientific, civic and philanthropic entities both in the Pittsburgh region and around the world. Visit ccac.edu to learn more.