PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
RDA Changes Policy for Preservation Financing for Existing Rental Housing
Regional Housing Legal Services, PACDC and the Philadelphia Housing Trust Fund Oversight Board called on the Redevelopment Authority of Philadelphia in 2010 to change their policy regarding how they structure financing for preservation investments in existing affordable rental housing developments. As a result of advocacy, the RDA announced in early February that they had agreed to change their policy to structure financing as a recoverable grant instead of a loan. Many thanks to Mark Levin from Regional Housing Legal Services for his leadership on this issue.
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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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