Philadelphia, Pennsylvania
CDT Correspondent
The Reinvestment Fund
Investment Description
Using a scattered-site development model that includes both substantial rehabilitation and in-fill new construction, Neighborhood Restorations has contributed significantly to the revitalization of West Philadelphia. Since 1990, this residential developer and property manager has added or preserved more than 1000 affordable homes in that once-blighted community. Neighborhood Restorations continues to acquire additional sites for future development, building on its extraordinary track record.
Transaction Highlights
Neighborhood Restorations finances its community development projects with Low Income Housing Tax Credit equity and conventional debt. Working with its local lending partner, The Reinvestment Fund, CDT has provided close to $25 million in permanent fixed-rate mortgage capital to Neighborhood Restorations, supporting fourteen properties and 872 units of affordable family apartments. The high occupancy, financial strength and outstanding physical condition of these properties are a testament to this development team's ongoing commitment to West Philadelphia.
the community development trust
