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RDA Changes Policy for Preservation Financing for Existing Rental Housing

Submitted by Emily Hockenberry on Mon, 03/28/2011 - 14:45

 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.

PACDC Fact

  • PACDC’s activities have culminated in more than $140 million in new resources for affordable housing and neighborhood economic development efforts.

  • The Philadelphia Housing Trust Fund has raised more than $67 million in revenue since September 2005 to expand housing opportunities for Philadelphia families.

  • The CDC Tax Credit Program has fostered 30 partnerships between businesses and CDCs that is providing $30 million in new funding to support neighborhood economic development.

  • PACDC’s Member Services programming builds the capacity of CDCs through technical assistance and training, the sharing of ideas, best practices, and promotion of the local CDC industry.

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