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
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