Radian Issues $1 Million Credit Line to Fund Affordable Housing in Philadelphia
Radian Group Inc. (NYSE: RDN) has issued a $1 million credit line to the Philadelphia Accelerator Fund (PAF), a Community Development Financial Institution supporting affordable housing development in Philadelphia. PAF, established in 2019, is a nonprofit loan fund that provides flexible financing for affordable housing projects.
During 2023-2024, PAF funded nine transactions totaling $6.3 million, supporting nearly $56 million in total development costs. These investments will finance 163 new housing units, with 129 units designated as affordable for households earning at or below 80% of the Area Median Income.
The initiative is part of Radian's broader housing affordability efforts, which include collaborating with Nueva Esperanza to secure $1.35 million in financing from the Federal Home Loan Bank of Pittsburgh's 2024 Affordable Housing Program, following a $750,000 funding in 2023. Radian also provided a $100,000 grant to Rebuilding Together Philadelphia and joined the CONVERGENCE Philadelphia initiative to increase homeownership in historically challenged communities.
Radian Group Inc. (NYSE: RDN) ha emesso una linea di credito di 1 milione di dollari al Philadelphia Accelerator Fund (PAF), un'istituzione finanziaria di sviluppo comunitario che supporta lo sviluppo di alloggi a prezzi accessibili a Philadelphia. Fondato nel 2019, PAF è un fondo di prestiti nonprofit che fornisce finanziamenti flessibili per progetti di alloggi a prezzi accessibili.
Durante il periodo 2023-2024, PAF ha finanziato nove transazioni per un totale di 6,3 milioni di dollari, supportando quasi 56 milioni di dollari in costi totali di sviluppo. Questi investimenti finanzieranno 163 nuove unità abitative, di cui 129 unità designate come accessibili per le famiglie che guadagnano al massimo l'80% del reddito medio dell'area.
L'iniziativa fa parte degli sforzi più ampi di Radian per l'accessibilità abitativa, che includono la collaborazione con Nueva Esperanza per garantire 1,35 milioni di dollari di finanziamenti dal Programma di Alloggi a Prezzi Accessibili 2024 della Federal Home Loan Bank di Pittsburgh, dopo un finanziamento di 750.000 dollari nel 2023. Radian ha anche fornito una sovvenzione di 100.000 dollari a Rebuilding Together Philadelphia e si è unita all'iniziativa CONVERGENCE Philadelphia per aumentare la proprietà abitativa nelle comunità storicamente svantaggiate.
Radian Group Inc. (NYSE: RDN) ha emitido una línea de crédito de 1 millón de dólares al Philadelphia Accelerator Fund (PAF), una institución financiera de desarrollo comunitario que apoya el desarrollo de viviendas asequibles en Filadelfia. PAF, establecido en 2019, es un fondo de préstamos sin fines de lucro que proporciona financiamiento flexible para proyectos de viviendas asequibles.
Durante 2023-2024, PAF financió nueve transacciones por un total de 6,3 millones de dólares, apoyando casi 56 millones de dólares en costos totales de desarrollo. Estas inversiones financiarán 163 nuevas unidades de vivienda, de las cuales 129 unidades están designadas como asequibles para hogares que ganan al o por debajo del 80% del ingreso medio del área.
La iniciativa es parte de los esfuerzos más amplios de Radian por la asequibilidad de la vivienda, que incluyen la colaboración con Nueva Esperanza para asegurar 1,35 millones de dólares en financiamiento del Programa de Viviendas Asequibles 2024 del Banco Federal de Préstamos Hipotecarios de Pittsburgh, tras un financiamiento de 750.000 dólares en 2023. Radian también proporcionó una subvención de 100.000 dólares a Rebuilding Together Philadelphia y se unió a la iniciativa CONVERGENCE Philadelphia para aumentar la propiedad de viviendas en comunidades históricamente desafiadas.
Radian Group Inc. (NYSE: RDN)는 필라델피아 가속기 기금(PAF)에 100만 달러의 신용 한도를 발행했습니다. PAF는 필라델피아에서 저렴한 주택 개발을 지원하는 커뮤니티 개발 금융 기관입니다. 2019년에 설립된 PAF는 저렴한 주택 프로젝트에 유연한 자금을 제공하는 비영리 대출 기금입니다.
2023-2024년 동안 PAF는 총 630만 달러에 달하는 아홉 건의 거래에 자금을 지원하여 총 개발 비용 5600만 달러에 가까운 금액을 지원했습니다. 이러한 투자는 163개의 새로운 주택 단위를 자금 지원하며, 그 중 129개 단위는 지역 중위 소득의 80% 이하를 버는 가구를 위한 저렴한 주택으로 지정됩니다.
이 이니셔티브는 Radian의 보다 광범위한 주택 저렴성 노력의 일환으로, Nueva Esperanza와 협력하여 피츠버그 연방 주택 대출 은행의 2024년 저렴한 주택 프로그램에서 135만 달러의 자금을 확보한 후, 2023년에는 75만 달러의 자금을 지원했습니다. Radian은 또한 Rebuilding Together Philadelphia에 10만 달러의 보조금을 제공하고 역사적으로 도전받는 커뮤니티에서 주택 소유를 증가시키기 위해 CONVERGENCE Philadelphia 이니셔티브에 참여했습니다.
Radian Group Inc. (NYSE: RDN) a émis une ligne de crédit d'1 million de dollars au Philadelphia Accelerator Fund (PAF), une institution financière de développement communautaire soutenant le développement de logements abordables à Philadelphie. PAF, créé en 2019, est un fonds de prêt à but non lucratif qui fournit un financement flexible pour des projets de logements abordables.
Au cours de 2023-2024, PAF a financé neuf transactions totalisant 6,3 millions de dollars, soutenant près de 56 millions de dollars de coûts de développement totaux. Ces investissements financeront 163 nouvelles unités de logement, dont 129 unités désignées comme abordables pour les ménages gagnant au maximum 80 % du revenu médian de la région.
Cette initiative fait partie des efforts plus larges de Radian pour l'accessibilité au logement, qui incluent une collaboration avec Nueva Esperanza pour sécuriser 1,35 million de dollars de financement du programme de logements abordables 2024 de la Federal Home Loan Bank de Pittsburgh, après un financement de 750 000 dollars en 2023. Radian a également accordé une subvention de 100 000 dollars à Rebuilding Together Philadelphia et a rejoint l'initiative CONVERGENCE Philadelphia pour augmenter la propriété de logements dans des communautés historiquement défavorisées.
Radian Group Inc. (NYSE: RDN) hat eine Kreditlinie von 1 Million Dollar an den Philadelphia Accelerator Fund (PAF) ausgegeben, eine Community Development Financial Institution, die die Entwicklung von erschwinglichem Wohnraum in Philadelphia unterstützt. PAF, gegründet im Jahr 2019, ist ein gemeinnütziger Darlehensfonds, der flexible Finanzierungen für Projekte im Bereich erschwinglicher Wohnraum bereitstellt.
Im Zeitraum 2023-2024 hat PAF neun Transaktionen mit einem Gesamtvolumen von 6,3 Millionen Dollar finanziert und damit fast 56 Millionen Dollar an Gesamtkosten für die Entwicklung unterstützt. Diese Investitionen werden 163 neue Wohneinheiten finanzieren, wobei 129 Einheiten als erschwinglich für Haushalte, die 80 % oder weniger des Median-Einkommens der Region verdienen, ausgewiesen sind.
Diese Initiative ist Teil von Radians umfassenderen Bemühungen um die Erschwinglichkeit von Wohnraum, die die Zusammenarbeit mit Nueva Esperanza umfassen, um 1,35 Millionen Dollar an Finanzierungen aus dem Programm für erschwinglichen Wohnraum 2024 der Federal Home Loan Bank von Pittsburgh zu sichern, nach einer Finanzierung von 750.000 Dollar im Jahr 2023. Radian stellte auch einen Zuschuss von 100.000 Dollar an Rebuilding Together Philadelphia bereit und trat der Initiative CONVERGENCE Philadelphia bei, um das Eigentum an Wohnraum in historisch benachteiligten Gemeinschaften zu erhöhen.
- Issued $1M credit line to support affordable housing development
- Helped secure $1.35M in FHLB financing for Nueva Esperanza in 2024
- Strategic expansion in community development financing
- Building strong partnerships with housing-focused organizations
- None.
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
$1.35 million Philadelphia . This was the second consecutive year that Radian partnered with the FHLB, as Nueva Esperanza received$750,000 -
Last year, Radian supported Rebuilding Together Philadelphia with a
$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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250318793784/en/
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.
FAQ
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