Burgos announces $1 million in redevelopment funding for North Philadelphia

Esperanza in the News

HARRISBURG, Dec. 6 – State Rep. Danilo Burgos, D-Phila., today announced $1 million in state grants were awarded to North Philadelphia for redevelopment projects.

The funds are going to Nueva Esperanza, Inc. to build a mixed-use building to include eight to 12 new units of affordable rental housing and an approximately 5,000 SF economic incubator space. The project will provide affordable housing in the Hunting Park neighborhood.

“Affordable housing is much needed in Hunting Park and I am very excited to see these funds going towards it,” Burgos said.

The ground floor will also create an economic incubator space to help develop new business and increase the capacity of existing businesses in the community.

The Redevelopment Assistance Capital Program is a grant program administered by the Office of the Budget for the acquisition and construction of regional economic, cultural, civic, recreational, and historical improvement projects.

RACP projects are authorized in the Redevelopment Assistance section of a Capital Budget Itemization Act, have a regional or multi-jurisdictional impact, and generate substantial increases or maintain current levels of employment, tax revenue or other measures of economic activity.