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PRA Launches Credit Enhancement for Workforce Housing

The Philadelphia Land Bank recently issued a request for proposals (RFP) for the development of 15 currently vacant parcels of land in the West Poplar neighborhood as workforce housing.  The goal of the RFP is to facilitate the development of single family houses affordable to households with incomes up to 120% of the area median income.  This RFP includes a new element that we hope will increase the ability for lenders to provide construction financing for workforce housing.  The Philadelphia Redevelopment Authority, as a partner with the Philadelphia Land Bank, now offers a Credit Enhancement for workforce housing construction loans.  This new facility will provide a 25% guarantee directly to the financial institution on construction loans made to developers selected through the Land Bank’s workforce housing RFPs.  Below is a link to the Land Bank RFP.  The Credit Enhancement for Workforce Housing application can be accessed on the right side of this webpage under Resources.

Land Bank RFP