New Kensington CDC
Partner: New Kensington CDC
Business: Community Development Corporation
Purpose of Loan: Creation of Affordable Housing Units
Impact: Affordable Housing
New Kensington CDC (NKCDC) believes that community development can and should benefit all residents. Their mission “advances social equity and economic empowerment by nurturing and creating opportunities for residents to live in, and actively shape, their neighborhoods of choice.” NKCDC focuses on four areas of community development – building wealth, growing capacity, fighting displacement, and improving health. Community First Fund has worked with NKCDC helping to provide additional funding for projects that have supported affordable housing projects.
Currently, Community First Fund is working with NKCDC on its plans for development of Ruth St Civic Housing. NKCDC is looking to close on a Capital Magnet Pre-development loan in the first quarter of 2023. The completed project will provide a total of 44 affordable housing units, all of which will be rented to residents at or below 40-60% AMI. At least 40% of the residential rental units (or of the total square footage of the residential space) in this development will be rent restricted and occupied by individuals whose income is 60% or less of the median gross income.
NKCDC uses a strategic combination of real estate development, community engagement, and people-centered direct services to ensure all of its neighbors can remain–and thrive–where they choose to live. NKCDC will use these funds to further its economic real estate footprint in the North Philadelphia corridor. It provides new housing opportunities to an already struggling market corridor that needs this development to combat the addiction and blight in the area.