The fund seeks to level the playing field by making it easier for Black and brown developers to gain access to capital.
The city of Philadelphia is launching a loan fund aimed at increasing access to capital for affordable housing projects built by Black and brown developers, reports Taylor Allen for WHYY. "Seeded with roughly $11 million in city funds, the Philadelphia Accelerator Fund is a public-private partnership designed to provide flexible funds to Black and brown developers facing systemic barriers to traditional bank financing."
The program is based on a similar initiative in San Francisco that targets nonprofit affordable housing developers. "City officials are agnostic about the kind of housing the fund will support — as long as some project units target below-market-rate customers and need non-traditional financing. Developers planning for-sale homes, multifamily rentals and subsidized housing are all welcome to apply." The fund will also "provide advisory services to help companies apply for the loan and offer advisors to help them navigate the process."
"Mo Rushdy, chairman of the board for the Fund and the managing partner at the real estate development firm The Riverwards Group, said he sees this as a way to make building affordable housing more viable for developers who work in the private sector." Developer Anthony Fullard says he hopes the program "can help him do more ambitious projects and encourage other Black developers to do the same."
FULL STORY: Philly to launch loan fund for Black and brown affordable housing developers
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
New Park Opens in the Santa Clarita Valley
The City of Santa Clarita just celebrated the grand opening of its 38th park, the 10.5-acre Skyline Ranch Park.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Urban Form Impacts Housing Affordability
The way we design cities affects housing costs differently than you might think.
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