PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
HEMAP CAPTURES HIGH MARKS IN TRF STUDY
From 2008 to 2010, Pennsylvania's recently closed Homeowner's Emergency Mortgage Assistance Program (HEMAP) saved more than 6,100 Pennsylvania homeowners from foreclosure and had a total estimated impact of $480 million, according to a newly released report, the Reinvestment Fund’s (TRF) Research Brief: What if Pennsylvania Had Not Had HEMAP? Were it not for HEMAP, Pennsylvania’s foreclosure rate would have been higher and its rank among states several rungs worse. Over this period, the number of homes saved from foreclosure by HEMAP amounted to between 4.6 percent and 5.1 percent of the total inventory of homes in foreclosure. See the complete report at http://www.trfund.com/resource/downloads/policypubs/HEMAPsummary.pdf.
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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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