Landmarks Community Capital Corporation was founded in the fall of 2007. As the lending arm of Pittsburgh History & Landmarks Foundation, LCC continues the mission of historic preservation by lending to projects that facilitate restoration activities for historic buildings and historic neighborhoods throughout the region.
LCC houses the Preservation Loan Fund, which was initiated by PHLF in the mid 1970’s and initially served as an internal revolving fund for PHLF’s development projects in Pittsburgh’s Mexican War Street and Manchester neighborhoods, as well as the South Side. In 1985, PHLF began lending to other non-profits and community development corporations.
Since then, LCC has made 105 loans in communities all through Southwestern Pennsylvania with loan amounts ranging from as low as $10,000 to as high as $1 million. For nearly 25 years, the loan fund, which was originally funded by grants from Pittsburgh philanthropist Dick Scaife, operated only with proceeds from loan disbursements. In 2008, LCC received a $5 million dollar low interest loan from PNC Bank, which has allowed LCC to assist in larger development projects than ever before.
LCC’s default rates are extraordinarily low, at 1%. This is due to the high level of technical assistance and local knowledge of community efforts and initiatives, in addition to a deep understanding the local real estate market.