Tawan Davis Partners With PNC Bank To Help Boost Homeownership In Philadelphia For Working Families
Tawan Davis, founder and CEO of The Steinbridge Group, is partnering with PNC Bank and Fierce Realty Corp to acquire and renovate homes for working families to lease throughout the United States.
Davis is living up to his family’s legacy by increasing homeownership for working-class families. His Philadelphia- and New York-based Steinbridge Group, a real estate and asset management company, strives to acquire renovations that will be made available for working families to lease across the United States.
Davis’ inspiration is rooted in his family background.
AfroTech reported that Davis spent the early part of his life in Portland, Oregon, before moving to the northeastern United States. In the past, his great-grandmother and her two sisters were sharecroppers who purchased several houses in northeast Portland following the 1948 Vanport Flood. Their family and friends who came to visit the area were welcome to stay in the houses while they worked to accumulate their own wealth.
Times have changed, however, and Davis expressed concerns about gentrification and the increasing difficulty working families have in purchasing homes.
“My extended family couldn’t afford to purchase the homes we grew up in, but my great-grandmother and her sisters would be rich,” Davis said.
To that end, The Steinbridge Group has created an initiative to support working families in acquiring housing. The company’s website states its goal is to invest $2 billion by obtaining several thousand homes, and vows that housing costs for homebuyers would not surpass 30% of their income.
Its efforts are a collaboration with PNC Bank and Fierce Realty Corp, an African American, female-owned real estate brokerage firm. This partnership will focus on rebuilding residential spaces in metropolitan areas across the United States.
“PNC Bank is one of the largest diversified financial services institutions in the country, with $550 to $600 billion in assets. We officially launched our program with PNC in May of this year, and our work with them will ensure that our impact is felt throughout the region,” said Davis. “We are focused on modeling a pathway here that builds on Philadelphia’s rich homeownership history and then use the model to expand nationally.”
PNC is committed to helping families finance mortgages and providing learning opportunities. The bank will ensure that loan officers are working diligently to secure mortgage financing for homebuyers while also supporting families through the process by enabling them to receive financial education and assistance with down payments.