Radian Issues $1 Million Credit Line to Fund Affordable Housing in Philadelphia
Funding will support Philadelphia Accelerator Fund, an affordable housing-focused CDFI
Radian Chief Executive Officer Rick Thornberry said, “Like many communities across the country,
PAF provides flexible financing for affordable housing and works to increase access to capital for historically disadvantaged groups. PAF’s revolving loan fund is primarily funded by private capital and supported by a loan loss reserve backed by the
During 2023-2024, PAF used its loan capital to fund nine transactions totaling
“We are thrilled with this new investment and grateful to Radian for its vote of confidence in Philadelphia Accelerator Fund,” said PAF’s Executive Director David Langlieb. “Radian continues to be a leader in recognizing the need for quality affordable housing development in
Housing Affordability Initiatives at Radian
Radian’s work with PAF reflects an overarching company mission to leverage its expertise to continue to improve access to affordable and sustainable housing. It is one of several recent company initiatives focused on housing affordability and equity:
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Radian collaborated with the nonprofit Nueva Esperanza, to obtain
in financing for Esperanza from the Federal Home Loan Bank (FHLB) of Pittsburgh’s 2024 Affordable Housing Program (AHP) and Voluntary Housing Grant initiative, to help facilitate affordable housing units for homebuyers in$1.35 million Philadelphia . This was the second consecutive year that Radian partnered with the FHLB, as Nueva Esperanza received in funding in 2023 as well.$750,000 -
Last year, Radian supported Rebuilding Together Philadelphia with a
grant to revitalize homes to prevent displacement, reduce violence, and maintain generational wealth for homeowners in$100,000 Philadelphia . -
In 2023, Radian joined Wells Fargo and TD Bank as Cornerstone Partners to launch an initiative led by the Mortgage Bankers Association, CONVERGENCE
Philadelphia , to increase homeownership among communities that have historically faced homeownership challenges.
About Radian
Radian is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. Visit radian.com to see how we’re creating possibilities for a place to call home.
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For Investors:
Dan Kobell - Phone: 215.231.1113
email: daniel.kobell@radian.com
For the Media:
Rashi Iyer - Phone 215.231.1167
email: rashi.iyer@radian.com
Source: Radian Group Inc.