PHILADELPHIA, CITY OF

"CDBG-R funds will be support the following activities: Transit-Oriented and Livable Communities Commercial Development Fund. The Transit Oriented and Livable Communities Commercial Development fund maximizes its economic benefit by leveraging public investment with private funds to create sustainable projects. These funds target strong businesses that have been severely hurt by the recession that has crippled banks and made credit almost impossible to obtain. The City uses commercial bank underwriting standards and follows tested lending criteria to ensure that the projects are financially sustainable, will be successful and that the jobs created will exist long after the public funding stops. The leverage of using these funds with private investment from banks or capital investors allows these dollars to have a greater economic impact. The Transit Oriented and Livable Communities Commercial Development fund is targeted to neighborhood businesses that are either unable to grow because of the freeze in the credit markets or need capital to stabilize unpredictable revenues. It is required, as part of the funding, that businesses either retain or create jobs in order to qualify for the program. These funds are targeted at neighborhood businesses that have seen the recession jeopardize or reduce conventional debt and put expansion or capital projects at risk of cancellation. Affordable Housing Development The City's Affordable Housing Program assists those most impacted by the recession by providing affordable rental and homeownership opportunities for those of low- and moderate-income. This activity, which will fill gaps in financing for projects ready to go to construction, will create or retain construction jobs and may reduce the reliance of low income persons on essential government safety-net programs. The City's Affordable Housing Development programs, which support rental, homeownership and special needs development, are described in detail in the Year 34 Consolidated Plan. Mortgage Foreclosure Diversion Program. The City's Mortgage Foreclosure Diversion Program assists those most impacted by the recession, in particular, those facing residential mortgage foreclosure. The program includes intensive outreach efforts to those facing foreclosure, court-mediated negotiation with lenders, specialized housing counseling about mortgage workouts and other options, and legal services. Approximately 1700 households will be served. Utilities Emergency Services Fund (UESF). UESF provides grants to families who have utility arrearages and are in danger of having utility services discontinued. Approximately 4,000 grants will be made. Basic Systems Repair Program. The City's Basic Systems Repair Program (BSRP) provides repairs to owner-occupied houses in need of essential repair or replacement of roofs, electrical, plumbing and heating systems. The City's BSRP program is described in detail in the Year 34 Consolidated Plan. Approximately 100 houses will be repaired. Creative Industry Workforce Grants. The Creative Industry Workforce Grants will support shared office space for creative industry businesses, reducing operating costs for existing and new businesses and increasing the subrecipients? economic efficiency. Grants will also support the creation of new or renovated mixed-use facilities and creative industry incubators, designed to attract new businesses and new jobs. In the case of rehabilitation and new construction, energy-efficient developments will receive priority.

Clarification of Codes