Radian Issues $1 Million Credit Line to Fund Affordable Housing in Philadelphia
Funding will support Philadelphia Accelerator Fund, an affordable housing-focused CDFI
WAYNE, Pa.–(BUSINESS WIRE)–
Radian Group Inc. (NYSE: RDN) today announced that Radian Guaranty has issued a line of credit of up to $1 million to the Philadelphia Accelerator Fund (PAF), a Community Development Financial Institution (CDFI) that supports the development of affordable housing across Philadelphia. Established in 2019, PAF is a nonprofit loan fund with a mission of supporting the production and preservation of affordable housing and community development projects to benefit low-income communities.
Radian Chief Executive Officer Rick Thornberry said, “Like many communities across the country, Philadelphia is facing a housing shortage that has eroded affordability, exacerbated inequities, and made life more challenging for far too many families. We are excited to be part of Philadelphia Accelerator Fund’s forward-thinking approach to improving access to affordable housing and building stronger communities.”
PAF provides flexible financing for affordable housing and works to increase access to capital for historically disadvantaged groups. PAF’s revolving loan fund is primarily funded by private capital and supported by a loan loss reserve backed by the City of Philadelphia and the Philadelphia Redevelopment Authority.
During 2023-2024, PAF used its loan capital to fund nine transactions totaling $6,334,498, which supported $55,998,976 in total development costs. These investments will finance 163 new units of housing, of which 129 will be deed-restricted as affordable to households earning at or below 80% of the Area Median Income.
“We are thrilled with this new investment and grateful to Radian for its vote of confidence in Philadelphia Accelerator Fund,” said PAF’s Executive Director David Langlieb. “Radian continues to be a leader in recognizing the need for quality affordable housing development in Philadelphia and we look forward to deploying this capital to help address that need.”
Housing Affordability Initiatives at Radian
Radian’s work with PAF reflects an overarching company mission to leverage its expertise to continue to improve access to affordable and sustainable housing. It is one of several recent company initiatives focused on housing affordability and equity:
- Radian collaborated with the nonprofit Nueva Esperanza, to obtain $1.35 million in financing for Esperanza from the Federal Home Loan Bank (FHLB) of Pittsburgh’s 2024 Affordable Housing Program (AHP) and Voluntary Housing Grant initiative, to help facilitate affordable housing units for homebuyers in Philadelphia. This was the second consecutive year that Radian partnered with the FHLB, as Nueva Esperanza received $750,000 in funding in 2023 as well.
- Last year, Radian supported Rebuilding Together Philadelphia with a $100,000 grant to revitalize homes to prevent displacement, reduce violence, and maintain generational wealth for homeowners in Philadelphia.
- In 2023, Radian joined Wells Fargo and TD Bank as Cornerstone Partners to launch an initiative led by the Mortgage Bankers Association, CONVERGENCE Philadelphia, to increase homeownership among communities that have historically faced homeownership challenges.
About Radian
Radian is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate, and title services. Visit radian.com to see how we’re creating possibilities for a place to call home.
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