Daily News | The Philadelphia Industrial Development Corporation names its first Black president
, was meant to extend lending by PIDC and other lenders to lower income neighborhoods.
As the head of the federal CDFI Fund, Harris is responsible for dispersing billions in tax credits and grant funding. During the pandemic, the agency distributed over $3 billion in pandemic recovery grant funding. The CDFI fund also administers a panoply of affordable housing and community development programs.
In the 1950s, it was initially meant to help Philadelphia retain manufacturing interests in the city as many industrial firms were being lured overseas or to the nonunion South. Initially half the organization’s operating budget came from the chamber and the other half from the city. Today, it is “funded largely by the revenue generated from its financing activities and real estate transactions,” according to spokesperson Kevin Lessard.
Starting in the 1970s, PIDC helped stabilize Center City’s flagging fortunes. It purchased Bellevue Stratford Hotel after Legionnaire’s Disease felled 29 people who were staying there, preserving the historic building during a subsequent decline in market interest. The nonprofit also was instrumental in the financing of The Gallery shopping mall, and it was were the vehicle for implementation ofvision, the Center City hotel boom, and the sports district in South Philadelphia.
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