Lancaster, PA – Lancaster County is a participant in the Federal Reserve Bank of Philadelphia’s fourth Reinventing Our Communities (ROC) Cohort Program. The participating organizations are developing a multiyear plan to expand economic development opportunities for local renters and residents of color.
The cohort includes the following organizations:
These organizations will spend the next 14 months working with the Philadelphia Fed and its partners, Neighborhood Works America and Race Forward, to:
- address the structural barriers that limit access to quality, safe, and affordable rental housing;
- partner with local housing organizations to ensure that housing programs and tenant-based supports mitigate rental housing challenges; and
- explore potential financing options and interventions that can increase housing opportunities within the community.
“One of the Federal Reserve’s goals is to strengthen regional economies,” said Theresa Singleton, senior vice president of the Community Development and Regional Outreach Department at the Federal Reserve Bank of Philadelphia. “Communities that have safe and affordable housing options reach their full potential by attracting more workers, consumer spending, and economic growth.”
“Financial stability is nearly impossible when families are paying more than a third of their income on housing,” said Finanta President and CEO Daniel Betancourt. “We look forward to working with our long-time partners to view housing in Lancaster County through the lens of equity and inclusion. This will guide the actions we can take to help all families find safe and affordable places to live.”
“Housing isn’t just a roof over one’s head; it is an economic driver,” said HDC MidAtlantic President and CEO Dana Hanchin. “We will not realize Lancaster County’s full economic potential and vision for a thriving community for all unless we address this foundational issue. We are the solution. Together we can do better and do more.”
“Lancaster County is not unique in this housing crisis, but Lancaster is unique in our ability to work together,” said Tenfold CEO Shelby Nauman. “Through this process and with the support of many partners, we will recommend solutions which will not only benefit individual households that are struggling, but also our collective future prosperity. We know that our vacancy rate, lower than 95% of metro areas across America, is a limiting factor to our success.”
“The Lancaster City Housing Authority (LCHA) strives to provide affordable housing to the City’s most vulnerable residents. Over 63% of our resident population, residing at our Family sites, are a part of the Lancaster County workforce, contributing to the local economy,” said Barbara Ellis Wilson, executive director at LCHA. “In addition, the LCHA administers the Housing Choice Voucher program and partners with over 200 private landlords, Housing over 900 families throughout the city. The Lancaster City Housing Authority strives and is committed to building partnerships to increase and maintain affordable housing and social services, for the greater Lancaster Community.”
The cohort is also engaging in housing webinars, coaching from national housing leaders, racial equity training, and peer learning with the other 10 participating communities from across the country.
Visit philadelphiafed.org for more information about the 2024 ROC Cohort Program.
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About Finanta
Finanta is a private, independent non-profit Community Development Financial Institution (CDFI) whose mission is to provide capital in places where it is not usually available. As a social and economic justice organization, we seek to create positive change in the community by providing individuals and families, entrepreneurs, commercial real estate, and affordable housing developers as well as nonprofits with access to loans for projects that generate jobs, create housing opportunities and pathways to home ownership, essential community facilities, and that help to revitalize communities.
Since 1992, Finanta has provided loan capital to small business owners, nonprofit organizations, and community development projects in Lancaster County and the surrounding region. To advance our vision of building equitable and vibrant communities, we were driven to address the needs of the consumer market. In 2022, we launched Finanta Credit Union to serve underbanked residents by offering ethical financial products and services and creating financial equity through wealth building opportunities. finanta.org
About HDC MidAtlantic
HDC MidAtlantic envisions a world where a safe, welcoming, affordable place to call home is open to everyone. We believe home shouldn’t be an impossible dream; it should be an attainable reality. We are resident advocates, trusted developers, property managers, community partners, and collaborators. We are part of the fabric of our towns and cities and have been working with our neighbors since 1971 to create real change and meaningful connections. As champions of the greater good, we are committed to advancing equity, we open the door to opportunities, and we are proud of the homes we build. HDC is a proud charter member of NeighborWorks America, a network of nearly 250 high-performing nonprofit organizations across the United States, including the District of Columbia, and Puerto Rico, dedicated to affordable housing and neighborhood revitalization.
HDC owns and/or manages over 3,400 apartments, providing housing that is safe and affordable to those with lower incomes, focusing on seniors, families, and individuals living with disabilities. Serving nearly 5,000 residents in 72 communities located in urban, suburban, and rural areas across Pennsylvania, Delaware, and Maryland, HDC builds hope and opportunity for all residents to reach their full potential by creating, preserving, and strengthening affordable housing communities. hdcweb.org
About Tenfold
At Tenfold, we are committed to sparking the power in all people to achieve equitable housing and financial security. We walk alongside our clients and help them unlock a new path forward to a brighter future. By collaborating as one team, we can take a holistic approach to serve as your trusted community partner. We are focused on achieving quality, fair and affordable housing that is inclusive to all people through proactive coaching, education, lending, and advocacy.
Together, the Tenfold team is multiplying its impact by leveraging our team’s combined expertise and community partners to develop new and innovative ways of addressing the wide range of critical housing needs within our community such as homelessness, renting, homeownership, and community lending. wearetenfold.org
About Lancaster City Housing Authority
The mission of the Lancaster City Housing Authority is to provide housing for low to moderate income individuals and families.
We strive to foster the development, ownership and successful management of housing programs while maintaining high standards and recognizing the residents as our ultimate customer. Our goal is to be an active partner in the community, working alongside landlords and city government to empower citizens towards self-sufficiency. lchapa.com
You can download the full press release here.
