PIDC IMPACT DEVELOPMENT ADVISORY COMMITTEE

For nearly two years, PIDC has been working with a 100+ member Advisory Committee on Impact Development that includes for-profit and nonprofit developers, community development organizations, bankers, investors, philanthropic leaders, and city officials. The committee plays an important role in helping PIDC to understand challenges, gaps, and opportunities for impactful real estate projects so that

PIDC LOANS SUPPORT NEIGHBORHOOD IMPACT AND DEVELOPMENT

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

OXFORD MILLS

Located in South Kensington, Oxford Mills, is a $38 million mixed use project that transformed an abandoned factory into affordable living space for teachers and office space for educational non-profit organizations. The fully renovated building now houses offices for Teach for America, a national teacher corps of recent college graduates who strive to effect change

DORNSIFE CENTER

Located between the Mantua and Powelton Village neighborhoods of West Philadelphia, the Dana and David Dornsife Center for Neighborhood Partnerships is the cornerstone of Drexel University’s commitment to civic engagement. The Dornsife Center fosters creative collaboration between Drexel’s faculty, staff and students, and the surrounding community. Programming at the Dornsife Center is driven by a

COMMUNITY HEALTH & LITERACY CENTER

Situated on the corner of Broad and Morris Streets in South Philadelphia is the Community Health and Literacy Center. Opened in 2016, the Community Health and Literacy Center is the product of a partnership between the Children’s Hospital of Philadelphia (CHOP), the City of Philadelphia, PIDC, the Free Library of Philadelphia, and others. This project

ULI EXCELLENCE AWARDS 2018

Urban Land Institute (ULI) Philadelphia hosted its Awards for Excellence 2018 in June to celebrate all aspects of development and land use in addition to recognizing superior projects completed in the region within the last five years. Winners were announced at a celebration featuring Inga Saffron, Pulitzer-Prize- winning Architectural Critic for the Philadelphia Inquirer. The

PIDC ANNOUNCES $6M IMPACT DEVELOPMENT FUND FOR PHILADELPHIA

PIDC, Philadelphia’s public-private economic development corporation, today announced the launch of a new $6 million Impact Development Fund to support commercial, industrial, and mixed-use development in neighborhoods and commercial corridors throughout Philadelphia. PIDC’s Impact Development Fund provides new capital for neighborhood-based development, driving revitalization in communities that can often be overlooked by traditional lenders and

NEW MARKET WEST PROJECT BREAKS GROUND

On February 16, Mission First Housing Group, Horizon House, and ACHIEVEability hosted a groundbreaking ceremony at the site of their newest development, 5901 Market Street, “New Market West”.  The ceremony was attended by both city and state officials, as well as leadership from the partnering organization.  PIDC is proud  to be one of the funding

PIDC ANNOUNCES A $60 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS

PIDC announced its CDFI subsidiary, PIDC Community Capital, was awarded $60 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. PIDC Community Capital was one of 73 organizations nationally selected to receive an allocation in this current round. Today, the CDFI Fund announced a total

COMMUNITY PARTNERSHIP SCHOOL

PIDC was proud to take part in Community Partnership School Groundbreaking Ceremony. PIDC provided the school with a New Markets Tax Credits (NMTC) investment and a RACP Bridge Loan. This project will aid the staff in continuing to provide a high-quality education for its students and serve as a positive impact on the community.