Mt. Airy CDC’s Real Estate projects are made possible by various city and state programs that contribute to neighborhood health.
Homeownership Rehabilitation Program (HRP): Run by the Philadelphia Housing Development Corp. (PHDC), this program provides developers with a subsidy for the rehabilitation of vacant houses to be sold to homebuyers. The homes must be owned or sold to income eligible homebuyers, who will occupy the property as their primary residence.
Neighborhood Stabilization Program (NSP): This grant program, a component of the Community Development Block Grant (CBDG), was established to aid neighborhoods and communities that have suffered from foreclosures and abandonment by providing organizations with funds to address these issues. NSP grantees develop their own programs and funding priorities, but all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120% of area median income.
Targeted Housing Preservation Program (THPP): This program was designed to augment investments made in affordable housing production by the City of Philadelphia. This program supported property repairs for homeowners in targeted neighborhoods, including facade renovations and system repairs. THPP has recently ended.