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.
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. More information.
Home and Rental Property Repair
Coming soon PRA will be rolling out • Restore • Repair • Renew a program to help Philadelphia homeowners invest in their homes. Also 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.