Radian Group Inc. announced that its subsidiary, Radian Guaranty, has issued a line of credit of up to $1 million to the Philadelphia Accelerator Fund (PAF). PAF is a Community Development Financial Institution (CDFI) dedicated to supporting the development and preservation of affordable housing in Philadelphia. This initiative reflects Radian's broader mission to improve access to affordable and sustainable housing.
The Philadelphia Accelerator Fund, established in 2019, provides flexible financing for affordable housing projects and aims to increase access to capital for historically disadvantaged groups. During 2023-2024, PAF utilized its loan capital to fund nine transactions totaling $6,334,498, which supported $55,998,976 in total development costs. These investments are set to finance 163 new housing units, with 129 designated as affordable for households earning at or below 80% of the Area Median Income.
Radian's CEO, Rick Thornberry, emphasized the importance of addressing housing shortages and affordability challenges in communities like Philadelphia. This investment aligns with Radian's corporate citizenship program and its commitment to having a positive impact in the community, leveraging its expertise to foster stronger communities.
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