PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
Bill Introduced in U.S. House to Redevelop Abandoned and Vacant Properties
The Community Regeneration, Sustainability, and Innovation Act of 2009, which would create a demonstration project, was introduced on February 10th. Representative Tim Ryan (D-OH) introduced H.R. 932, the Community Regeneration, Sustainability, and Innovation Act of 2009, on February 10th.
The bill would create a demonstration project allowing city governments, or metropolitan areas, to apply for funding on a competitive basis that would be used to deconstruct and demolish vacant or abandoned properties, or for relocation or rehabilitation costs. Recipients would be allowed to be used to demolish public housing units.
Program applicants would have had to experienced at least a 20% loss in population since 1970 or have experienced prolonged population, income, or employment losses resulting in higher levels of abandoned buildings or housing vacancies. While the grants would mostly be funded by HUD’s Community Development Block Grant program, there will be additional funding from the Economic Development Administration and Environmental Protection Agency.
Upon introduction, H.R. 932 was referred to the House Committee on Financial Services for further review.
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The Philadelphia Housing Trust Fund has raised nearly $80 million since September 2005 to expand housing opportunities for more than 6,000 Philadelphia families.
The CDC Tax Credit Program has fostered 35 partnerships between businesses and non-profits that is providing $60 million in new funding for CDC neighborhood economic development.
PACDC’s Member Services programming builds capacity of CDCs through technical assistance and training, sharing of best practices, networking, and promotion of the local CDC industry.
The local CDC industry generated $3.3 billion in economic impact in Philadelphia during the past 20 years.
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