The PRA is the City’s implementation arm for community development, charged with leveraging the City’s assets to provide redevelopment opportunities, and also create and preserve affordable housing, and improve quality of life.
Founded in 1945, we are dedicated to Philadelphia and its neighborhoods and we use our expertise to underwrite, develop, and manage residential and mixed use projects throughout the City. In order to achieve this we have four primary roles:
We are a full-service lender with underwriters, attorneys, construction inspectors and asset managers. As soon as the Division of Housing and Community Development awards a commitment, the project is transferred to the PRA for formal underwriting and loan closing. PRA Housing Development Officers work with the developer to finalize deal structures and bring them before the PRA Board for approval. At the point of loan closing, the PRA Construction Inspection team takes over and monitors wage compliance and construction. Our Asset management team oversees long term compliance lasting up to 30 years.
We are stewards of approximately 30% of the City’s inventory and we work closely with developers and government officials to assemble and sell parcels for redevelopment. We do this in a variety of ways: by issuing request for proposals, through eminent domain, and by acting as a settlement agent for City related closings. Our land assemblage role embodies a true public-private partnership.
We are advisors to the City and its agencies. We work closely with the following public agencies:
- Division of Housing and Community Development
- Philadelphia Housing Development Corporation
- Philadelphia Land Bank
- Philadelphia Commerce Department
- Philadelphia City Planning Commission
- Philadelphia Housing Authority
Whether it is through the PRA’s Advisory Board of Design which reviews large scale projects such as the Mormon Temple, or serving as the Co-Chair of the Philadelphia Re-Entry Coalition Subcommittee on Housing, we are involved with numerous public agencies focused on the effort to improve Philadelphia as a whole.
We are the custodians of approximately 3,000 parcels of the City’s inventory. We maintain over 800 acres of land on behalf of the City and work with other City agencies such as CLIP and Licenses and Inspection to ensure properties are clean and safe.