Philadelphia CDFI Finances Affordable Housing Across the River
Client: Coopers Hill Town Homes
Client Location: Camden, NJ
CDFI: Reinvestment Fund
CDFI Service Area: AL, AK, CA, CO, DE, FL, GA, IL, IN, KY, LA, MD, MA, MS, NH, NJ, NY, OR, PA, TN, TX, UT, VT, VA, WA, DC
Financing
After years of disinvestment, Camden, N.J., is making plans to improve its economic position.
It is among the poorest cities in the U.S., with more than a third of its households living below the poverty line.
The Reinvestment Fund (TRF) has a long-term commitment to helping revitalize Camden. One of TRF’s key projects in this area is a partnership with M & M Development for the construction of Coopers Hill Town Homes, 30 single-family housing units, seven of which are restricted to low-wealth or low-income buyers.
The development is part of the City of Camden’s Neighborhood Stabilization Program efforts targeted at areas where foreclosures or abandoned properties have eroded economic viability.
The project embodies one of TRF’s core values: Where some see obstacles, we see the opportunity for repositioning markets and creating vibrant communities.