The last several years have seen a surge of activity in New Markets Tax Credit (NMTC) construction projects in and around Dayton, Ohio. With assistance from PNC Multifamily Capital, many Dayton-based organizations are bringing to life their vision of building and supporting healthy, vibrant communities.

“There are a lot of entities doing really great work in Dayton in an effort to improve the quality of life for those in need,” said John Nunnery, manager of originations with PNC Multifamily Capital. “It’s really impressive and inspiring to see, and PNC is proud to be able to contribute to it.”

Many of the projects completed in 2022 and 2023 focused on providing valuable resources to some of the area’s youngest residents. The Dayton Children’s Hospital (DCH) worked with PNC to construct a new three-story behavioral health center to address a rapidly growing need for pediatric mental health services. The center has doubled the number of inpatient beds, allowing the facility to double the number of patients it sees annually. PNC purchased $20.25 million in NTMC allocation, and it was DCH’s third NMTC transaction with the bank.

NMTC allocation was also key to the construction of a new Ronald McDonald House facility. In 2023, Ronald McDonald House Charities Dayton leveraged $13 million in NMTC allocation to develop a new, expanded building, which will ultimately house up to 42 families and double the capacity of the program. The new space includes a large kitchen, enhanced play and recreational areas, dedicated wellness space, and welcoming communal space. The expansion will also allow the Ronald McDonald House to add four full-time employee positions, which will be accessible to low-income individuals.

Other recent projects in the Dayton area focus not only on children’s needs, but also provide an expanded scope of services to individuals in all phases of life. Homefull came to PNC in 2023 with a need for $17 million in NMTC allocation to support the construction of a new community facility that provides healthcare, job training, and healthy foods programs. In addition to serving the community, the new Homefull facility has supported local job creation – a key component of the NMTC program – by adding more than 140 full-time positions to its staff.

Goodwill Easter Seals Miami Valley had similar ambitions when it began construction of a community services center in the Dayton suburb of Trotwood in 2022. The new center provides job placement programs and skills training for impoverished and disabled individuals, an adult day care for seniors with dementia, behavioral health services, and a childcare center. The project has been critical to revitalization of the downtown Trotwood area, which has suffered from economic blight over the last several decades, and its location allows for close interaction with other nearby community services, including a new public library, courthouse, and senior apartment housing. PNC purchased $8 million in NMTC allocation to support the community center’s construction.

Improving overall wellness was the focus of two YMCA projects. The Young Men’s Christian Association of Greater Dayton undertook construction of a new multi-purpose health and wellness facility in northwest Dayton in the fall of 2022. The facility provides access to primary health care and education for individuals, families, and seniors and serves 10,000 people annually, with approximately 50% of members residing in a low-income community. The YMCA shares space in the new building with Premier Health, an organization that provides on-site urgent care, physical therapy, lab services, medical imaging, and physician services.

NMTC allocation also played a role in the construction of another YMCA project in nearby Piqua, Ohio. The Miami County Young Men’s Christian Association worked with PNC to secure $11 million in NMTC allocation to build a new downtown facility, with the goal of addressing the health, education, and wellness needs of the county’s seniors, youth, and families through recreational and social programming.

The momentum for these types of initiatives in and around Dayton continues to grow, and David Melin, regional president of PNC’s Dayton market, is enthusiastic about the role PNC Multifamily Capital team will continue to serve. “Dayton has been an important part of the PNC footprint for a long time, and we are thrilled to be able to invest in this community on a long-term and ongoing basis,” said Melin. “We look forward to continuing to look for opportunities to make an impact in meaningful ways.”

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PNC Multifamily Capital is one of the largest, comprehensive multifamily debt and equity financing providers within the industry for affordable, senior housing and conventional products. Each year, PNC Multifamily Capital finances or invest in affordable and seniors housing projects to address the shortage of housing options and help communities thrive. Reach out to PNC Multifamily Capital to learn more, or contact your relationship manager.