Property and Casualty Initiative Makes Affordable Housing Possible
Apr 20, 2023
The Property and Casualty Initiative has been making affordable and mixed income housing a reality in communities throughout Massachusetts since 1999. PCI got its start thanks to 26 insurers, including A.I.M. Mutual.
In addition to affordable housing, PCI focuses on three other sectors in the Commonwealth: community services, economic development and small business. Hundreds of community and economic development projects have been funded in part through PCI over the last two decades. Several are under way and many more are being considered.
“It’s a really simple and, I think, elegant model,” said PCI President Michelle Volpe in a recent podcast. “Insurance companies like A.I.M. Mutual invested money in PCI in 1999. PCI lends that money to borrowers who are on the ground in communities working to improve lives. Our borrowers repay those loans as agreed, and PCI makes new loans with the capital that is returned, gets repaid, and lends its money out again.”
She reports this lending cycle has turned $85 million in initial capital from the insurance industry into about a half billion dollars of lending.
A.I.M. Mutual’s VP & CFO Paul Kehoe credits Michelle with building a PCI team that could “hit the ground running” in 2023, noting there are exciting opportunities ahead that meet PCI’s historic mission: to improve the lives of our most vulnerable neighbors by investing capital and expertise in communities.
Click here to listen to our podcast with Michelle and Paul, Meet the Property and Casualty Initiative: Improving Lives throughout Massachusetts.
Visit the Property and Casualty Initiative website to learn more about past and current projects https://www.pcifund.com/