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
Nonprofit Affordable Housing Developers Navigate Troubled Waters
As housing and building costs rise, nonprofit developers find themselves with strained resources as pandemic relief dries up and tenants need housing assistance more than ever.
Phoenix Facilitates School-to-Affordable Housing Development
Two Phoenix school districts are selling their underused properties to build over 200 units of affordable housing.
The Philadelphia Loan Program Transforming the Demographics of Development
The Jumpstart loan program is helping Black and female residents become developers.
Florida Considers Legalizing ADUs
Current state law allows — but doesn’t require — cities to permit accessory dwelling units in single-family residential neighborhoods.
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
HUD Announces Plan to Build Housing on Public Lands
The agency will identify federally owned parcels appropriate for housing development and streamline the regulatory process to lease or transfer land to housing authorities and nonprofit developers.
Surf’s Upcycling: Hawai‘i’s Latest Green Building Material is Recycled Surf Boards
“Surf Blocks” are fire-resistant, termite-proof, and close the loop on mountains of waste from the state’s beloved sport.
Building Age-Friendly Homes
Designing for the unique needs of elderly people can help them maintain social connections and mental acuity.
Nightlife and the 15-Minute City
Plans for compact, walkable cities often don’t address nighttime concerns like transportation and lighting, which can make neighborhoods more vibrant and safe around the clock.
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.
Florida Atlantic University
City of Grandview
Harvard GSD Executive Education
UCLA Lewis Center for Regional Policy Studies
City of Piedmont, CA
Great Falls Development Authority, Inc.
NYU Wagner Graduate School of Public Service