The problem

• Asociación De Puertorriquenos En Marcha (APM), the largest community development corporation in Philadelphia serving the Puerto Rican/Latino community, wanted to build 42 new townhouse apartments as the centerpiece of its redevelopment of the Eastern North neighborhood. Estimated costs for the townhouses, intended for the neighborhood’s low-income residents, were $6.7 million.

The strategy

• APM reached out to sources for funding and development expertise, including LISC and NEF. NEF invested $4.3 million in corporate equity through low income housing tax credits. The City of Philadelphia and the Pennsylvania Housing Finance Agency provided the rest of the money.

The result

• The apartment complex, called Taino Gardens, was constructed. Along with a supermarket, a retail center, a child care center and other affordable apartments, APM has provided a solid foundation for a community that is emerging from of long period of neglect and disinvestment.