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 financial products to help Philadelphia homeowners invest in their homes and 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.