PRA strives to develop financial products to support a range of community development projects including affordable housing, workforce housing, and high-impact mixed-use projects. PRA’s staff is experienced underwriting and structuring financing for a range of complex projects. For information on PRA’s project finance please contact our Real Estate & Development Finance Department.
Affordable Housing Finance
PRA performs underwriting and loan structuring for financing awarded to affordable housing projects through the City’s Division of Housing & Community Development (DHCD). To apply for financing applicants must respond to a Request for Proposals from DHCD. Projects must comply with PRA’s Cost Containment Policy and 234-Condominium Limits revised July 1 2019.
Workforce Housing Credit Enhancement
PRA offers a credit enhancement for workforce housing (housing priced affordably for households making between 80-120% of Area Median Income). This product comes in the form of a partial repayment guarantee on construction loans. Workforce Housing Credit Enhancement Application January 2019: This form contains a description of PRA’s Workforce Housing Program and a credit enhancement application for financial institutions and developers interested in participating.
• Restore • Repair • Renew is a new program to help Philadelphia homeowners invest in their homes. This program will help Philadelphia homeowners access low-interest loans to invest in their properties. Lenders participating in the program are offering 10-year, 3% interest loans that range from $2,500 to $24,999 to eligible homeowners. Loans can fund a range of home repairs that focus on health, safety, weatherization, accessibility, and quality of life. The goal of the program is to help Philadelphians improve their homes and strengthen their communities.
Rental Housing Repair
Coming soon PRA will be rolling out a financial product for landlords of small rental portfolios to invest in their properties. PRA historically has operated a variety of products specifically for low-, moderate-, and middle-income Philadelphians. Stay tuned for more information.
Impact Development Fund
PRA partnered with PIDC to launch the Impact Development Fund to support low-interest loans of up to $2M for commercial, industrial, and mixed-use development in neighborhoods and commercial corridors, in low-income communities throughout Philadelphia. For more information please contact PIDC.