The Property and Casualty Initiative
About
The Property and Casualty Initiative (PCI) is a statewide community loan fund that invests capital and expertise in projects benefiting Massachusetts residents with low incomes and communities historically marginalized by systemic racism. It lends to developers, property managers and nonprofits working to create, renovate and preserve affordable housing, and it finances community services, economic development projects and businesses owned by women and people of color that struggle to get conventional financing.
PCI was established in 1999 under state legislation, when a consortium of Massachusetts property and casualty insurance companies formed it as an LLC. For more than 20 years it has aimed to deliver measurable social impact and consistent returns to its investors. Its unusual structure gives it more flexibility than commercial lenders, so it specializes in filling financing gaps and structuring loans creatively so community development projects can move forward alongside traditional lenders.
What to Know
- Past projects include Community Servings’ new building in Boston, which supports medically tailored meals.
- PCI has supported affordable housing projects in Brockton, Hyannis and Springfield.
- Its creation stemmed from Chapter 259 of the Massachusetts Acts of 1998.
- It is a member of the Greater Boston Chamber of Commerce.
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