February 27, 2019

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Over the past three years, PIDC has created two new loan products to spur impact commercial revitalization in Philadelphia’s low income communities. The Impact Development Fund, established in April of 2018, is an innovative use of New Markets Tax Credits that finances neighborhood development projects and operating businesses in communities often overlooked by lenders. The Neighborhood Development Loan, which launched in 2016, provides affordable financing to fill funding gaps for developers of mixed-use, commercial, and industrial projects located throughout Philadelphia’s neighborhoods. These products are structured to address key market challenges and ensure flexibility for borrowers.

PIDC developed these products with input from our 100+ member PIDC Advisory Committee on Impact Commercial Development that includes for-profit and non-profit developers, community development organizations, bankers and investors, philanthropy, and city officials. This group has helped to guide and inform our efforts to maximize the positive impact around neighborhood development.

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In a pilot phase for these new products, PIDC has provided $8.4 million in loans to 11 high-impact projects across the city. PIDC’s flexible capital has supported a portfolio of small-scale development projects that create healthy communities and thriving commercial corridors in Philadelphia’s neighborhoods across the city in Oxford Circle, Brewerytown, Port Richmond, Germantown, Olde Kensington/Fishtown, Cedar Park, Cobbs Creek, Northern Liberties, and Callowhill. The projects in this portfolio are extremely diverse, spanning retail, light industrial, office, and residential uses. Altogether, the projects currently support 26 local small business tenants and create/renovate a total of 258,449 SF. Three of the projects will create a total of 28 units of housing. Additionally, three projects are in Qualified Opportunity Zones. These programs have also had positive effects on job growth as they will retain/create a little over 460 jobs.

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Explore more financing opportunities available through PIDC.


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