Citizens Bank Invests in Redevelopment

Thanks to major funding from Citizens Bank, leaders at the Mon Valley Initiative hope to move forward on housing construction and renovation, homebuyer education, and other improvements to communities in the Mon Valley.

The nearly $6 million economic stimulus and neighborhood development package announced by Citizens in May will bridge funding gaps and give the Initiative the ability to purchase properties much sooner than anticipated, said Stacie Chandler, communications coordinator for the Initiative, a non-profit coalition of 12 community development corporations.

"It could save us a couple of months in getting a housing project started," Chandler said. "In some cases it might be a project that would never happen [without the funding]."

The funds will also make it possible for the Initiative to hire both a credit counselor and a volunteer coordinator to enhance the organization's small business support system and community organizing efforts. A portion of the funds will be awarded in grants over a three-year period, and the rest will be set up as a line of credit for the organization to draw from, as needed.

The Mon Valley package is not the only major investment Citizens has made towards neighborhood development in the Pittsburgh region. In April of 2002, the bank announced a similar package worth $4.15 million for the Pittsburgh Community Reinvestment Group, a coalition of 25 neighborhood development organizations. Those funds were directed toward home construction and renovation throughout the city and commercial development on the North Shore.

Both ventures emphasize home ownership and small business development as a means of revitalizing blighted or distressed communities, by helping residents and property owners feel more invested in the future of their communities and more empowered to make a difference.

Mike Jones, a spokesman for Citizens, said the bank has made similar investments in eastern Pennsylvania through its Neighborhood Investment Program. The bank has invested in "programs and initiatives designed to rejuvenate communities, stimulate the economy, and increase home ownership," said Jones.

"We live in the communities we serve and we want to do all we can to improve the neighborhoods where we live," Jones said of Citizens' commitment to revitalizing the Pittsburgh region.

Susan Jacobs
for Sustainable Pittsburgh