$1.8 Million Grant To Save Philadelphia
A $1.8 million grant from the Preservation Development Initiative will be awarded to the city of Philadelphia. This grant will be used toward the revitalization efforts of four neglected and decaying, but historic neighborhoods. The National Trust for Historic Preservation, an organization which shares the objectives of the Mayors Neighborhood Transformation Initiative (NTI), will oversee the distribution of the funds toward the common goal of saving the city through incorporating preservation efforts into a community revitalization strategy, according to Patricia L. Smith, director of the NTI.This strategy shall include identification of worthwhile projects located in the Strawberry Mansion, Brewerytown, Belmont and Parkside sections of the city, as well as development and implementation of revitalization plans. Specifically, a portion of the funds will be designated for identifying buildings to preserve, while other money will be supplied through a revolving loan program to be distributed to chosen projects or to establish lines of credit for community organizations.The success of what has been called by R. McDuffie Nicholas, director of the preservation development initiative for the National Trust, the city of Philadelphias continuing battle against blight, has attracted assistance from various other organizations. One such organization includes, Citizens Bank, which has promised $104.3 million in low-interest loans for residents and businesses within Philadelphia neighborhoods. With continued support such as these efforts it appears that Philly may win the battle.
Thanks to Krista L. Williams