PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
New Homes Preserve Affordability in Point Breeze
Mayor Michael A. Nutter, Council President Anna Verna and State Representative Kenyatta Johnson joined Community Ventures and South Philadelphia H.O.M.E.S. to celebrate the groundbreaking of 11 new construction homes at 17th and Federal Streets in the Point Breeze neighborhood of South Philadelphia. This development will create affordable homeownership opportunities on two currently vacant sites.
The homes at 17th and Federal Streets complement other city efforts to preserve affordability in the Point Breeze neighborhood. Over the past 20 years, more than 500 units of affordable homeownership, rental, senior and special needs housing have been produced, either through new construction or rehabilitation, in Point Breeze.
Using Neighborhood Stabilization Program (NSP) funds from the American Recovery and Reinvestment Act (ARRA), this development will provide local construction jobs, strengthening the local economy. Point Breeze was one of only three neighborhoods in city to be targeted for affordable housing development under NSP.
To learn more about NSP, visit the Office of Housing and Community Development website here.
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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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