{"id":826729,"date":"2025-03-18T06:33:25","date_gmt":"2025-03-18T10:33:25","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/radian-issues-1-million-credit-line-to-fund-affordable-housing-in-philadelphia\/"},"modified":"2025-03-18T06:33:25","modified_gmt":"2025-03-18T10:33:25","slug":"radian-issues-1-million-credit-line-to-fund-affordable-housing-in-philadelphia","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/radian-issues-1-million-credit-line-to-fund-affordable-housing-in-philadelphia\/","title":{"rendered":"Radian Issues $1 Million Credit Line to Fund Affordable Housing in Philadelphia"},"content":{"rendered":"

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Radian Issues $1 Million Credit Line to Fund Affordable Housing in Philadelphia<\/b><\/p>\n

\nFunding will support Philadelphia Accelerator Fund, an affordable housing-focused CDFI\n<\/p>\n

WAYNE, Pa.–(BUSINESS WIRE<\/a>)–
\nRadian Group Inc. (NYSE: RDN) today announced that Radian Guaranty has issued a line of credit of up to $1 million to the Philadelphia Accelerator Fund<\/a> (PAF), a Community Development Financial Institution (CDFI) that supports the development of affordable housing across Philadelphia. Established in 2019, PAF is a nonprofit loan fund with a mission of supporting the production and preservation of affordable housing and community development projects to benefit low-income communities.\n<\/p>\n

\nRadian Chief Executive Officer Rick Thornberry said, \u201cLike many communities across the country, Philadelphia is facing a housing shortage that has eroded affordability, exacerbated inequities, and made life more challenging for far too many families. We are excited to be part of Philadelphia Accelerator Fund\u2019s forward-thinking approach to improving access to affordable housing and building stronger communities.\u201d\n<\/p>\n

\nPAF provides flexible financing for affordable housing and works to increase access to capital for historically disadvantaged groups. PAF\u2019s revolving loan fund is primarily funded by private capital and supported by a loan loss reserve backed by the City of Philadelphia and the Philadelphia Redevelopment Authority.\n<\/p>\n

\nDuring 2023-2024, PAF used its loan capital to fund nine transactions totaling $6,334,498, which supported $55,998,976 in total development costs. These investments will finance 163 new units of housing, of which 129 will be deed-restricted as affordable to households earning at or below 80% of the Area Median Income.\n<\/p>\n

\n\u201cWe are thrilled with this new investment and grateful to Radian for its vote of confidence in Philadelphia Accelerator Fund,\u201d said PAF\u2019s Executive Director David Langlieb. \u201cRadian continues to be a leader in recognizing the need for quality affordable housing development in Philadelphia and we look forward to deploying this capital to help address that need.\u201d\n<\/p>\n

Housing Affordability Initiatives at Radian<\/span><\/p>\n

\nRadian\u2019s 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:\n<\/p>\n