TRF Closes on $40 million NMTC Pool

TRF is a proud sponsor of this year's Philadelphia Sustainability Awards which honors this region's progress towards becoming the greenest, most sustainable city in the nation. TRF invites you to submit your nomination of those who demonstrate innovation and leadership in environment, economy and community. Learn more about the awards.

Last May, TRF was awarded a $75 million New Markets Tax Credit allocation. While TRF has had a steady pipeline of large projects seeking NMTC financing, there has also been significant demand for NMTC financing in the $3 to $5 million range, which are harder to serve efficiently and cost-effectively by ad-hoc NMTC funds. To enable smaller projects to benefit from NMTC program, TRF has created an innovative pooled investment structure. With investments from TransCapital, Morgan Stanley and TRF, TRF has structured a $40 million pool that will then finance multiple qualified low-income community businesses. The blanket fund allows TRF to aggregate capital and cap legal costs so that smaller transactions can benefit from the combined scale.

FFFI Financing Helps Gettysburg's Only Grocery Store Expand

Early this month Kennie’s Market in Gettysburg broke ground for a new store. Kennie’s has been the only grocery store in Gettysburg since 1998 when the local Giant Foods closed. Financed by TRF’s Fresh Food Financing Initiative and through a state Housing and Redevelopment Assistance package, the expansion will help double the current store size and increase product selection. Once construction of the new store is complete, the old store which was built in the late 1940s, will be demolished to make way for parking. The store currently employs 50 people and expects to grow to 90 employees once the new store is operational.

TRF-Financed Charter School Begins Renovations

 

Once renovated, this building will serve as SLA’s

new facility

Southwest Leadership Academy Charter School (SLA) began renovations on its new facility early last December. Financed through TRF's charter school lending program, the $2.46 million project will renovate the former St. Clement-Irenaeus Elementary School building on Paschall Avenue, which belongs to the First Baptist Church of Paschall. Former Philadelphia Mayor W. Wilson Goode, Sr., serves as a minister at the church and also on SLA'a board. The renovation will create a new multi-purpose room, art-suite as well as kitchen facilities and teachers’ lounges. The project marks a collaboration between community, church and educational leaders to bring school choice to area parents and students. Managed by Victory Schools, a well-known private manager of public schools, SLA will offer an alternative to traditional public schools in an area that has been historically low-performing and overcrowded. The school will open in the fall and enroll students in grades K-3 and will grow each year to serve a K-8 student population. Enrollment will be by lottery.

Housing Rehabs in Washington, DC

TRF recently closed a $500,000 housing loan in Washington, DC, which will help convert four apartment buildings on Butternut Street in Takoma Park into condominiums. The acquisition and construction loan will help to preserve 52 units of housing, while improving the layout and livability of the units. Of the current tenants, more than half have signed an intent to purchase agreement and a few have requested a buyout to leave the property.  The construction plans include a combination of overall building improvements—most notably upgrades to electrical and HVAC systems, significant roof repair and exterior upgrades—as well as individual unit upgrades. TRF is financing this project with Adams Bank and the Unitarian Universalist Affordable Housing Corporation.

TRF Completes Reinvestment Plan for Crozer-Widener in Chester

TRF's Neighborhood Planning Services recently completed a reinvestment plan for Crozer-Keystone Health System and Widener University (Crozer-Widener), both based in Chester, Pennsylvania. Crozer-Widener hired TRF to prepare a development and investment strategy for their surrounding neighborhood. In keeping with TRF’s wealth-building agenda in low-wealth communities, TRF utilizes a unique planning and development process that maximizes the leverage of social and economic resources and assets in distressed neighborhoods. As part of the plan, TRF identified and prioritized a variety of development opportunities in the neighborhood. The first of the TRF-recommended projects which includes a hotel and pedestrian plaza is currently being implemented.

A map identifying main corridors and existing ownership of properties in the neighborhood.

TRF's Pat Smith talks Urban Revitalization with Prince Charles

This past weekend, TRF's Director of Special Initiatives, Patricia Smith, was among six urban revitalization enthusiasts from Philadelphia, who were given the opportunity to ride with Prince Charles on a special train to New York. Pat was formerly head of the City's Neighborhood Transformation Initiative. Others included Kenny Gamble of Universal Homes, Sister Mary Scullion of Project Home, Paul Levy of the Center City District, Kent McGuire of Temple University, and Alan Berube, a Brookings Institution fellow. Details about the trip and their conversation were featured in the Philadelphia Daily News.

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