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.
Affordable Housing Finance 101
The financial intricacies involved in building affordable housing can be difficult to understand. This explainer breaks down the foundational concepts.
Portland Proposal Would Suspend Development Fees to Spur Housing Construction
Oregon Gov. Tina Kotek and Portland Mayor Keith Wilson announced their policy plan Thursday, with the goal to jumpstart housing construction.
Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?
Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.
Baker Creek Pavilion: Blending Nature and Architecture in Knoxville
Knoxville’s urban wilderness planning initiative unveils the "Baker Creek Pavilion" to increase the city's access to green spaces.
Pedestrian Deaths Drop, Remain Twice as High as in 2009
Fatalities declined by 4 percent in 2024, but the U.S. is still nowhere close to ‘Vision Zero.’
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.
planning NEXT
Appalachian Highlands Housing Partners
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie