The PRA works closely with developers on the implementation and construction of projects. We help in two ways: assembling land and providing financing to support housing development.
Land Assembly: The PRA assists developers with assembling development sites in which some or all of the parcels are owned by the Department of Public Property, Philadelphia Housing Development Corporation (PHDC) or the PRA. The PRA Real Estate department also actively acquires private property amicably or through the use of eminent domain powers when the privately owned property is determined to be a public blighting influence to the surrounding area. Please visit the Real Estate section for additional information.
Housing: PRA also provides financing assistance to affordable housing developers who have received a commitment of funding from the Office of Housing and Community Development (OHCD). Often these awards are coupled with low income housing tax credit (LIHTC) financing from the Pennsylvania Housing Finance Agency (PHFA). Our borrowers include non-profit and for profit organizations primarily in the business of affordable housing or community development.