Property & Casualty Initiative (PCI) Loan Fund

Established in 1999 as the result of state legislation (Chapter 259 of the Massachusetts Acts of 1998), a consortium of Massachusetts-based property and casualty insurance companies established The Property and Casualty Initiative, LLC (PCI) as a state-wide community loan fund.

Founding legislation defines activities eligible lending as affordable housing, community services, economic development and small business loans. Both non-profit and for-profit entities can qualify for loans. PCI loans complement the financing available from traditional sources and has increased the amount of capital available to support the underserved markets across the Massachusetts. PCI's minimum loan amount is $50,000 and its maximum is $15,000,000. PCI keeps its interest rates at or below the current market rate. The type of loan and the level of risk will influence the interest rate. PCI oversight is provided by its Board of Managers and the Commonwealth of Massachusetts Division of Insurance.

PCI has provided financing to the preservation of NOAH, including the acquisition and rehabilitation of Park and Pearl by The Neighborhood Developers (TND). This project leveraged Mass Housing Investment Corporation’s (MHIC) Regional Naturally Occurring Affordable Housing (NOAH) Program, OppCo’s Housing Accelerator Fund, and philanthropic sources to preserve 30 units of unsubsidized affordable housing for households earning at or below 50% area median income (AMI).