Philadelphia’s RACP issues $55.7MM in latest round of funding

RACP issues $55.7MM in latest round of funding

Pennsylvania’s Redevelopment Assistance Capital Program’s (RACP) most recent round of funding provided $55.7MM to 34 projects in Philadelphia.  Projects funding include The Merriam Theater, Navy Yard hotel conversion, a Logan Square hotel conversion, and a massive mixed-use redevelopment from former Dallas Cowboy Emmit Smith, the “Venice Island Innovation” in Manayunk.

“RACP is a discretionary fund Pennsylvania’s governor has at his disposal to help support developments throughout the state. Governors typically will allot money for projects that will spur additional economic development activity.”  “In all, 101 projects in Philadelphia had applied to receive RACP funding.”

>>FULL STORY HERE

Qualified projects with a budget over $1MM may be reimbursed for Construction costs, Interest during construction, Cost of Permits, Land Purchases, and more.  See the full program guidelines here >>RACP GUIDELINES