PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
HUD Funds Increased in FY 2010 Budget
HUD Funds Increased in FY 2010 Budget, in which the Administration outlined its priorities to Congress, proposing that HUD receive $61.1 billion including $13.6 billion from the Recovery Act. Funding Highlights:
-Provides full funding for HUD's Community Development Block Grant program at $4.5 billion; reforms the program's formula to better target economically distressed communities, stimulate innovations in metropolitan sustainability, university partnerships, and rural housing and economic development.
-Enables the Department to preserve approximately 1.3 million affordable rental units through increased funding for the Department's assisted multifamily properties.
-Combats mortgage fraud and predatory loans. The Budget funds enhanced enforcement of fair housing, mortgage disclosure, and settlement requirements.
-Creates a new Energy Innovation Fund to catalyze private sector investment in the energy efficiency of the nation's housing stock.
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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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