In a press release issued by the Pennsylvania State Democrats on December 6th, State Senator Sharif Street announced $15 million in Redevelopment Assistance Capital Program (RACP) grants are being awarded to organizations and projects based in North Philadelphia. In the third state Senate district, 14 projects are receiving funding.
In Hunting Park, one RACP award was made to Nueva Esperanza Inc. for a multi-use real estate development project. This project will provide much-needed affordable housing and commercial square footage in a low-income community. Governor Wolf awarded $1M to this project through State Representative Danilo Burgos, who represents the community in 197th state House legislative district, where the real estate development is located. Support was also provided by State Senator Tina Tartaglione, who represents this location in the 2nd state senatorial district.
This investment in the North Philadelphia community is incredibly significant, in a time when housing is becoming less affordable across the country. Low-income and minority residents are being pushed from their historical neighborhoods as housing values rise, and the need to stabilize neighborhood conditions is more urgent than ever. Esperanza’s development, funded in part by this $1M RACP award, will create 8-12 units of affordable rental housing as well as 5,000 square feet of economic incubator space. The timeline for completion of the project is December 2023.
Esperanza is deeply grateful to the elected officials who have provided this support to the neighborhood – Governor Wolf, State Senators Tina Tartaglione and Sharif Street, and State Representative Danilo Burgos were all instrumental in directing this funding to Esperanza and the community. This project will make a tremendous and meaningful impact for families in the neighborhood, who will make their homes in these apartments, make use of the goods and services provided in the commercial space. It is an example of the kind of developments that help preserve and strengthen the city’s most vulnerable communities.
Esperanza
