WAYNE, PA — Radian Group Inc. has announced a $1 million line of credit to the Philadelphia Accelerator Fund (PAF), a nonprofit organization focused on advancing affordable housing development throughout Philadelphia. This funding supports PAF’s mission to increase access to safe, affordable housing while addressing the challenges faced by low-income communities in the city.
Since its founding in 2019, PAF has played a crucial role in financing affordable housing projects by leveraging private capital and a loan loss reserve backed by the City of Philadelphia and the Philadelphia Redevelopment Authority. The organization’s impact is evident in its 2023-2024 activity, which included funding nine transactions totaling over $6.3 million. These investments have facilitated the development of 163 new housing units, with 129 designated as affordable for households earning 80% or less of the Area Median Income.
Radian’s contribution to PAF is part of its larger commitment to addressing housing affordability and equity. Recent initiatives include collaborating with Nueva Esperanza to secure over $2 million in financing for affordable housing projects and supporting organizations like Rebuilding Together Philadelphia with grants aimed at preserving generational wealth and reducing displacement.
Through partnerships like the one with PAF, Radian is bolstering local efforts to combat housing shortages, alleviate inequities, and create sustainable communities in Philadelphia and beyond.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.