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FOR RELEASE ON 3/25/19: March 25, 2019
Media Contact: Media Contact:
Paul Marcus, Director Ashlei Bobo, VP, Regional Communications
Impact Loan Fund JPMorgan Chase
KENSINGTON LENDING PARTNERSHIP
LAUNCHES $5 MILLION NEIGHBORHOOD INITIATIVE
(Philadelphia, PA): This morning, the newly formed Kensington Lending Partnership formally launched a significant funding source focused on small business and mixed-use real estate development, housing improvements, and affordable homeownership in the heart of Kensington. The Partnership, comprised of four Community Development Financial Institutions (CDFI), includes Community First Fund, FINANTA, Impact Services Corp’s Impact Loan Fund, and Philadelphia LISC.
In 2018, the Partners worked together to participate in the JPMorgan Chase Foundation’s annual Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods) CDFI Collaborative competition, aimed at promoting inclusive growth through collaboration. As a result, JPMorgan Chase awarded a $5 million grant to the Partnership to revitalize the Kensington Avenue community and commercial corridor in Philadelphia.
“This Partnership brings a combined 135 years of expertise in community economic development and an incredible amount of resources to where they are needed the most,” said Luis Mora, President of FINANTA, “and it is also a unique targeted approach to community revitalization rarely encountered in the Philadelphia area.”
Over the next three years, the Partnership will use these funds to provide support to existing and attract new small businesses through capital and coaching, finance the redevelopment of mixed-use properties and support pathways to homeownership and affordable rental housing options. Jointly, they will deploy the $5 million to finance the lending activities, assessment, evaluation, program administration and staff.
“This is about financing resident-led development and ownership in a neighborhood under-served by traditional lending,” said Andrew Frishkoff, Executive Director of Philadelphia LISC. “Together, we can help build a stronger and healthier community economy.”
The Partners will work together in the following roles:
The Partners look forward to making a measurable impact in the Kensington community over the coming years, contributing to the vision of the Heart of Kensington Neighborhood Plan. The vision is for Kensington to be a safe, healthy and clean community where neighbors feel connected to one another, take shared responsibility for the neighborhood, and feel empowered to make change in their environment and envision a positive future for themselves and their children. We welcome other organizations to join in this effort as well.