PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
HACE Cuts Ribbon For Lawrence Court
The Hispanic Association of Contractors and Enterprises (HACE) held a ribbon cutting ceremony for its new Lawrence Court development on April 27th. Lawrence Court, which features 50 new affordable townhomes, transforms a vacant parcel of land into the first homeownership development in the St. Hugh neighborhood in 30 years.
The homes’ exteriors feature wrought iron balconies, railings, window boxes and a colorful variety of facades and decorative details that reflect the Latino heritage of the neighborhood.
Lawrence Court addresses the community need for affordable homeownership opportunities outlined in the resident-driven neighborhood plan. This development supports significant public and private investment in the neighborhood, including the development of the Luis Munoz Marin Elementary School, Maria de los Santos Medical Center and HACE’s own $30 million development activities in the Caribe Development Zone.
Lawrence Court was made possible through funding from the City of Philadelphia, including the Philadelphia Housing Trust Fund, HOME and CDBG funds, and the New River City initiative to support water system improvements, as well as PHFA’s Homeownership Choice Program, DCED’s Housing and Redevelopment Assistance program, and the Federal Home Loan Bank of Pittsburgh.
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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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