A new program based in the Germantown neighborhood in Philadelphia aims to encourage community ownership of urban re-investment.
Jill Harkins reports on Jumpstart Germantown, a Philadelphia-based organization that provides training, mentoring, and financial backing to local residents in an "effort to remove blight from and revitalize the Germantown neighborhood without the traditional outcomes of gentrification: the pushing out of long-time residents as a result of skyrocketing housing costs."
"Jumpstart Germantown has graduated 235 people—60 more will graduate in April—and has more than 300 people on its wait list," according to Harkins. In addition to training, the program includes a mentorship program and financial support. Here's how the financial program works:
Participants also have the option of applying for a loan through Jumpstart. Borrowers must put up 15 percent of the project cost, and Jumpstart lends the remaining 85 percent. While the interest rate on the loans is higher than a loan from a traditional bank, no credit check is required for a buy and sell project and loans are approved quickly to allow borrowers to compete with wealthier developers with cash on hand. Jumpstart has closed on 70 loans in the past two and a half years, each ranging from $40,000 to $500,000 and totaling more than $7,000,000. The income generated from the loan half of the program has paid for the training costs, and Weinstein says it has become an essentially break-even operation.
The article provides a lot more details about the goals and methods of the program, as well as insight into some of the program's successes.
FULL STORY: The Opposite of Gentrification
Where 2024 Presidential Candidates Stand on 12 Issues Important to Urban Planners
Whether you’re yet undecided or have already cast your early vote, here is a roundup of the key positions of Vice President Kamala Harris and former President Donald Trump on important urban planning policies.
Commentary: New Bill Holds Key to Solving US Housing Crisis. We Just Have to Pass It.
Two bills currently moving through Congress could make mass production of prefabricated, affordable housing possible on a large scale.
Amtrak Expanding Service in California’s Central Valley
Amtrak is planning a major expansion to the passenger rail lines connecting the Central Valley and the Bay Area.
Denver Slaughterhouse Measure Reveals Impacts of Meat Industry
Voters did not approve a measure that would have closed a slaughterhouse that is key to the nation’s lamb production.
Chicago Transit Increasing Rail Service to Pre-Pandemic Levels
The Chicago Transit Authority is close to returning both rail and bus service to pre-pandemic schedules, with some adjustments for new travel demand.
Baltimore Traffic Suffering From Absence of Key Bridge
The loss of a key route to the Port of Baltimore is causing major delays and long detours on alternate routes.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
University of Southern California
City of Meridian
University of Calgary
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
HUDs Office of Policy Development and Research
Detroit Regional Partnership
San Joaquin LAFCo
City of South Portland