At TRF, we’ve been thinking…
What it truly means to have an impact. We say TRF provides “capital at the point of impact.” But what does that impact look like?
Who do we really affect? How does your money help to improve quality of life?
It’s important to provide data and metrics but we’re thinking that’s only one part of the picture.
We’re sharing these stories to show how your investment in TRF provides solutions and improves lives.
At TRF, we’ve been thinking…
What it truly means to have an impact. We say TRF provides “capital at the point of impact.” But what does that impact look like?
Who do we really affect? How does your money help to improve quality of life?
It’s important to provide data and metrics but we’re thinking that’s only one part of the picture.
We’re sharing these stories to show how your investment in TRF provides solutions and improves lives.
Impact on Food Access
Brandon Primeaux

Knows a new supermarket in Chester is much more than food.

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Impact on Data & Analysis And Housing
Nancy's family

Came too close to losing their house to foreclosure this year.

ico-analytics ico-housing
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Impact on Data & Analysis
The Big Easy

Reinventing, revitalizing with real data.

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Impact on Education
Samantha Romero

One step closer to her dream of being an astrophysicist.

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Impact on Food Access
Esteban Kelly

Explains how a food co-op is amplifying economic impact in W Philly.

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Impact on Health and Energy

A growing number of local residents now have access to quality care.

ico-health ico-energy
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Impact on Housing
William Coombs

Living a senior life with dignity in a place called home.

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Impact on Housing and Community Assets
Stewart Watson

Believes her life has transformed because of her new community.

ico-housing ico-community
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Impact on Health
Dr. Ross

And a community health center serving more people in need.

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Impact on Data & Analysis
A national tool

Created with district-level data to drive smart decisions.

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Impact on Food Access
Vineland residents

New supermarket brings better access to healthy food and new jobs.

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Impact on Community Assets
Ernst Valery

Developing real estate that goes beyond bricks and mortar.

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Food Access
Impact on Food Access

Supermarket Brings Hope to Chester, One of the Country’s Most Distressed Communities


Brandon Primeaux who will have access to better food in his neighborhood and hopefully have a healthy lifestyle because of the new supermarket TRF helped to bring to Chester.

To Brandon Primeaux, the Fare & Square supermarket in the city of Chester will offer more than just healthy food to residents who have lacked it for years; it will also help to transform a community that has long been abandoned by major food retailers.

The market, operated by the hunger-relief nonprofit organization Philabundance, has its scheduled opening in the Fall of 2013. And it will be a welcome addition to a community that struggles with deep poverty issues — a city with one of the highest rates of poverty in the country.

Its presence — and the fresh fruits, meats and vegetables it will sell — will make it easier for people to shift their diets away from easily available processed foods. Since the last supermarket closed several years ago, convenience stores have been the only food retailers in town, says Primeaux, a supervisor in the Chester office of the Pennsylvania Department of Public Welfare and a volunteer liaison between Philabundance and the city.

“Not to have something as simple as a supermarket in your area, it robs people of a sense of dignity.”

“Food access is a growing and complex problem across the country and in the Delaware Valley, and one that requires a complex solution,” said Bill Clark, president and executive director of Philabundance. “We’ve worked on this concept for years, and we are thrilled to see it coming to fruition to help the residents of Chester.”

Primeaux hopes the market will also help residents feel better about a city where supermarket chains have been scared off by a high crime rate, and where residents have been forced to travel miles to buy food at supermarkets in other communities.


“Not to have something as simple as a supermarket in your area, it robs people of a sense of dignity,” Primeaux said.

For years, Primeaux has had to drive about five miles from his home on the east side of Chester to a supermarket in Brookhaven to shop for groceries. For his neighbors who don’t have cars, getting to the market requires taking one or two buses in a trip that takes at least half an hour, he said.

People often team up for shopping trips to supermarkets in other towns, especially at times when food stamps are sent out to Chester’s many welfare recipients, Primeaux said.

In an effort to attract shoppers who have few other options, the new supermarket will offer fresh foods at competitive prices. The project obtained financing from TRF and the Nonprofit Finance Fund using New Markets Tax Credits, a federal program to incentivize equity investment in low-income areas.

“We could not open Fare & Square in Chester without the help of our countless partners in this project, including TRF who helped with the financing of the project,” said Clark.

“With the realization of this initiative, the residents of Chester will now have access to affordable and nutritious food right around the corner.”

Primeaux himself became a convert to a healthy diet about two years ago when he was dangerously overweight. “I was on the brink of death,” he said. Now, at 37, he has lost 60 pounds by cutting out processed foods, exercising, and cooking for himself. Once Fare & Square opens, he plans to try to lose another 25 pounds and reach his target weight.

He’s hoping that the new supermarket will help people eat more healthfully, not only by making better food available but also by offering tips on how to prepare it. Together, the food and the skills may encourage people to revive the home cooking and family mealtimes that have often been abandoned by those who work two or three jobs to make ends meet, he said.

“Fare & Square has the potential to transform people’s thinking so that people are more attracted to healthy diets,” he said.


TRF has provided over $150 million in financing to support 121 supermarkets, grocery stores and fresh food retail.
Housing Data & Analysis
Impact on Data & Analysis and Housing

Organized People, Empowered by Organized Data, Help Save Homes

In 2012, TRF played a critical role helping a group of housing advocates revive Pennsylvania’s widely successful Homeowners Emergency Mortgage Assistance Program — better known as HEMAP.

The popular program, launched in 1983 and managed by the Pennsylvania Housing Finance Agency (PHFA), has saved thousands of homeowners from losing their homes to foreclosure. One of those homeowners is Nancy Thompson, a 47-year-old single mother in a suburb of Pittsburgh. Nancy moved into her childhood home after her parents’ death, taking over payments on a reverse mortgage. Disabled herself, and raising a child with cerebral palsy, it became impossible for Nancy to keep up with the payments.

“I didn’t know where to go. I applied for a loan modification, and my bank told me I was all set. That I should just pay the lower, adjusted payment, and that everything would work itself out when my paperwork came through,” said Nancy. “But then they turned me down for the loan modification, and I was in the red.”


Nancy’s bank eventually served her family with a foreclosure notice. That’s when she found HEMAP.

“HEMAP helped me get back on the right track. They put me on a plan that is easy to pay back, and that is the only reason we have survived,” said Nancy.

HEMAP’s impact positioned it as a national model for other states to replicate. But despite its phenomenal track record and impact, funding was eliminated in July 2011 and homeowners began to suffer.

Almost immediately after HEMAP was cut, housing advocates collaborated to make the case to reinstate it. They organized and formed the PA Save Our Homes Coalition. Coalition member and Executive Director of the Housing Alliance of Pennsylvania Liz Hersh said the group had assembled a number of compelling stories about homeowners in crisis but they quickly recognized they would need solid data to make their case for reinstatement. They turned to TRF to develop a data-driven report that could demonstrate HEMAP’s significant impact across the state. The William Penn Foundation provided funding for the effort.

“I believe in HEMAP. HEMAP saved my home.”

Hersh said they got much more than they ever expected. TRF’s analysis was influential, showing the benefits and impact of HEMAP and the costs of foreclosure to homeowners, lenders, state revenues, and to the wider economy. The case was so strong that it served as the catalyst to help persuade state officials, led by (former) Attorney General Linda Kelly, to fund and restart HEMAP using Pennsylvania’s proceeds from the national mortgage servicer settlement. After a year of dormancy, HEMAP was restarted in mid-2012.

Hersh remembered being completely overwhelmed by what TRF found and how the report presented it. “I was blown away,” she said. “I was especially taken with the data that showed the impact on the banks… we had no idea.” In fact, TRF’s report found that the program saved lenders, homeowners, local government, and adjacent property owners $77,000 per foreclosure. The bulk of the savings went to the banks — $50,000 per foreclosure.

The economic costs of foreclosure extend beyond the immediate stakeholders to other homeowners, whose values will be dragged down, especially if foreclosure is widespread, and local services which will be hurt by the reduction in property tax, noted Mark Zandi, chief economist with Moody’s Analytics, and a TRF Board member.

“Foreclosures are very, very costly for everyone involved,” Zandi said.

“The TRF analysis showing the clear economic benefits of averting foreclosure was a vital component of the state’s decision to restart HEMAP.”

TRF’s mission and track record of serving low-income communities gave it the credibility and expertise to make a convincing case for continuing the program, and at a far lower cost than that likely to be charged by a major consulting firm, Zandi said.

“You probably shouldn’t, as a policymaker, renew a program like that unless you have some clear evidence it works,” he said. “The TRF data were essential in convincing state officials to revive it.”

Nancy’s family is one of thousands that benefited. “When you’re a single mother, raising kids on a low income, and someone tells you that they’re taking your home, there is no worse feeling. I would go to bed not knowing where we would be living the next day,” said Nancy. “I believe in HEMAP. HEMAP saved my home.”


From 2008 to 2010, HEMAP saved more than 6,100 Pennsylvania homeowners from foreclosure.
Data & Analysis
Impact on Data & Analysis

New Orleans Quickly Benefits from Analysis Tool that Will Help Drive Decisions

In New Orleans, TRF’s Market Value Analysis (MVA) tool is already allowing city planners to make better-informed decisions about where to direct dwindling development funds. The new data may be helping to make the case for change.

In the past, when forced to decide whether to demolish a blighted property or invest in it, the New Orleans Redevelopment Authority (NORA) relied on an informal assessment of the neighborhood and how the area was likely to be affected by either course of action.

Using the MVA tool, which came on line in March 2013, the Authority now can rely on extensive metrics on the neighborhood in question, such as the median sales price, subsidized rental units as a percentage of the overall rental market, and the percentage of homes that are owner-occupied.


“It helped substantiate and reinforce many of the things that we knew anecdotally,” said David Lessinger, NORA’s Director of Planning and Strategy. “Now we have solid data on which to base our decisions. It shows we’re not making decisions capriciously.”

“We knew that certain neighborhoods were more disinvested than others, that certain neighborhoods had higher foreclosure than others, but we didn’t really have the data to support it,” he said.

“Now we have solid data on which to base our decisions. It shows we’re not making decisions capriciously.”

Using the New Orleans MVA, the Authority can now make better decisions to reach its strategic goals in an environment of limited government funds. NORA’s task is partly driven by post-Katrina damage but also by pre-existing urban blight, reflecting what Lessinger said is four decades of disinvestment.

NORA owns close to 3,000 properties. Although many of them are unlikely to be put on the market any time soon, they will nonetheless be analyzed by the MVA process in order to develop a more accurate picture of how specific development decisions will influence the Authority’s strategic goals.

In addition to blighted land assessments, the tool also allows NORA to identify the location of key city investments such as schools, parks and libraries in relation to the market types described by the MVA.

Knowing that a school is in a neighborhood that shows signs of “disinvestment” as evidenced in the MVA may encourage the Authority to invest in housing or prioritize maintenance of empty lots so that children don’t have to walk past blighted property on their way to school.

“The goal is to be more strategic and continue to deliver more impact with fewer resources,” Lessinger said.

In the case of properties that will be retained rather than sold or demolished, using the MVA will allow the Authority to budget for their maintenance until they are sold.

In addition, the MVA provides an overview of the city, indicating the strength or weakness of adjoining neighborhoods.

“It shows the gradient,” Lessinger said. “That’s really useful because you can see more comprehensively where your strong markets are, especially where they bump up against weaker markets.” The tool also shows disinvested markets, allowing planners to make decisions in order to prevent blight from spreading to surrounding areas.

The MVA has also shown officials that the city as a whole is in better shape than previously believed, Lessinger said.

“The most surprising thing was that there were fewer really, really weak markets than we expected,” he said. “It’s going to be the baseline that we use to inform much of our planning.”


TRF has completed over 15 MVAs across the country in cities ranging from Philadelphia and Baltimore to San Antonio and Detroit.
Impact on Education

More than a Building, School’s Enhanced Environment Adds to Learning Outcomes


Samantha Romero. One step closer to her dream of being an astrophysicist.

Samantha Romero wants to be an astrophysicist, and with the support she gets at E.L. Haynes Public Charter School in Washington DC, she’s on her way to achieving that goal.

Samantha, 15, excels in math and science. She has a grade point average of more than 3.5 in chemistry and completed an advanced placement (AP) college-level class in ninth grade.

Her success in chemistry, in particular, is fueled by a new science laboratory, equipped with smart boards and workstations, which is housed in the school’s TRF-funded high school facility. Samantha also participates in the Think Tank, a room on the second floor of the newly constructed facility where ninth- and tenth-graders gather for morning meetings and other events. The Think Tank is designed to build community and make sure all students feel included and appreciated.

Now in 10th grade, she’s taking more AP courses in pursuit of her career goal, and the new facility’s college-preparatory environment is helping her reach for the stars.

Already a high flyer at E. L. Haynes, Samantha finds extra support through her membership in Team Academic, an invitation-only study group for the most able students. They seek to boost their performance by studying together outside of regular school hours, including weekends.


“Just to do that shows that she is striving to do better,” said Darnell Almanzar, her advisor. “For a teenager to give up eight hours on a Saturday to study shows her commitment.”

Almanzar said science-oriented students like Samantha have benefited from the new chemistry lab, while others have expanded their horizons in the new art and music rooms, or the huge gymnasium, all of which are housed in the TRF financed facility.

Regardless of their individual interests, all students have discovered new enthusiasm for learning in the new school buildings located on E.L. Haynes’ two campuses, which have been made possible through a series of loans from TRF. In 2012, TRF’s most recent financing supported the expansion of E.L. Haynes’ Kansas Avenue campus to include the high school, Almanzar said.

“Just the space has allowed Samantha and her fellow students to do well,” he said.

Many students showed improved attitudes toward learning when they moved from their previous cramped, temporary school buildings to the new facilities.

The new school building with its improved facilities has given added impetus to an already successful student, and encouraged her to pursue her dreams.

“Once we got into the new space, it was just a culture shift,” Almanzar said. “In a new building, you know that people care about you and that you are here to learn.”

Students clearly appreciate going to school in a higher-quality space, and that’s reflected in improved academic results, he said.

“The kids respect the space, and they use the space really well,” he said.

For Samantha, the new school building with its improved facilities has given added impetus to an already successful student, and encouraged her to pursue her dreams.

“I always wanted to be an astronomer or anything that had to do with the stars,” she said. “I also liked physics a lot so it was the perfect combination.”


TRF has lent over $252 million to 77 charter schools in the mid-Atlantic region, which together serve over 37,000 students.
Food Access
Impact on Food Access

Co-op Brings Fresh Food, Sense of Community to West Philadelphia Neighborhood


In Mariposa’s first year at its new location sales tripled and staff quadrupled, making the store one of the neighborhood’s largest employers.

In 1850, the Cedar Park neighborhood of West Philadelphia was built amidst farmland just outside the city’s center. Over a century’s time, however, acres of farmland gave way to housing developments, and residents of the neighborhood were left without the healthy foods and fresh produce of years past.

Frustrated community members joined together to address the scarcity of fresh food and, in 1971, Mariposa Food Co-Op was founded.

“Mariposa was started when the community identified its needs, and then came together to meet those needs and formalize that through a co-operative structure,” said Esteban Kelly, Mariposa’s Coordinator for Organizational Planning and Development. “Now, our members have to continually take a look at our own needs, as well as the broader needs of the community, and figure out how to step up and serve those needs.”

One of the most obvious needs that Mariposa has recently seen is meeting the neighborhood’s demand for fresh produce and healthy food. Although the members had always expected steady growth, a recent boom of activity forced the co-op to consider major expansion. Mariposa turned to TRF for assistance in acquiring, renovating and equipping a new, larger space.

TRF provided a loan to partially finance the acquisition and renovation of a new space, just a few blocks from its existing location. Opened in March 2012, the new store is five times the size of the previous space and offers an expanded selection of locally-produced, organic, and conventional products. Sales have skyrocketed, and the expansion of the co-op has increased the impact Mariposa can have as a community hub. Vacancies near the co-op have dissipated and new businesses have opened including the popular Little Babies Ice Cream. And, since Mariposa is owned and operated by its nearly 1,550 members, all profits will stay in the neighborhood.

“It’s really important that institutions and communities themselves invested and continue to invest in projects like this, because the economic impact is amplified.”


Energy Health
Impact on Health and Energy

Strategic Partnerships Make Punxsutawney a More Vibrant, Healthy Community

A number of communities in the TRF “family” saw exciting firsts in 2012. Punxsutawney, PA, was one. The financing of the new Primary Health Network Health Center (PHN) was a significant highlight for the rural community known internationally for Groundhog Day.

Now “Punxsy” will be known by its residents as a town that is making the health and wellness of its citizens a priority.

In 2012, TRF, PHN and an impressive number of partners, made sure the newest PHN center became a reality. PHN is a private, nonprofit Federally Qualified Health Center (FQHC) that began providing community-based comprehensive medical care in 1984. The organization now has 32 service sites in 11 northwestern Pennsylvania counties and two northeastern Ohio counties, making it Pennsylvania’s largest FQHC. In recognition of its high-quality care, PHN has been Joint Commission accredited since 1997.


PHN’s new facility is being modeled as a health and social services Multi-Service Facility where the FQHC is the anchor tenant. Located in the heart of a small town in rural Jefferson County, the new 45,000 square foot building will house PHN’s primary care center, a pharmacy, services from the local community hospital, women’s health, behavioral health, a café and a public meeting room for community use.

After struggling to secure financing from traditional banking sources, TRF came through. “There is no luck in business. There is only determination and the development of partnerships with organizations and people who share a similar vision and drive,” explains Jack Laeng, PHN’s CEO. “TRF is such a company with people who understand the mission of health care and our desire to initiate positive change for the communities we serve.”

“There is no luck in business. There is only determination and the development of partnerships with organizations and people who share a similar vision and drive.”

Mr. Laeng’s quote alludes to the nature of the FQHC business. While exceptionally reliable borrowers, FQHCs cannot accumulate assets similar to regular private businesses. This makes it difficult to raise funds for development or carry reserves to be the equity for projects. Local banks in today’s lending environment are averse to lending to projects with limited assets or equity.

TRF’s financing package included New Markets Tax Credits. JPMorgan Chase was the investor, and the purchase of the tax credits provided equity for the project. With support from the Kresge Foundation, TRF and its partner in health center financing, the Low Income Investment Fund, provided a senior leverage loan for the transaction. TRF also supplied financing at a lower interest rate for the project’s energy efficiency measures through the Pennsylvania Green Energy Loan Fund and bridged a state capital grant.

The PHN Punxsutawney project serves as a great example of the kind of partnerships that TRF seeks to develop. While TRF brings great resources and expertise to the table, it’s about “the whole” — everyone, every entity that cares about the individuals who are better served because of strategic alliances and people who are willing to work hard to make things happen.


TRF financed three FQHCs in 2012, which together will support over 120,000 patient visits annually.
Impact on Housing

Enhancements to Senior Housing Exceeds the Brick and Mortar

William Coombs has lived in Buford Manlove Manor in Wilmington, Delaware for the last ten years. As a senior, his apartment in the 40-unit affordable housing community for elderly is so much more than a place he lives in retirement — it has become home. It’s his “neighborhood” — his own community with friends, activities and information.

So in early 2012 when the site managers announced the complex was going to be renovated and residents needed to temporarily relocate, Mr. Coombs did not feel very excited or comfortable. Change is not easy for aging individuals who like their routines and familiar surroundings. But on move-in day, Mr. Coombs felt differently — that it was worth the wait.


TRF Development Partners and Ingerman Development partnered with Interfaith Community Housing to rehabilitate the outdated and tired apartments. The renovation project would also create a new community center and laundry facility. Since the housing community was completely occupied, the developers began a complex task of phased rehabilitation, relocating residents, like Mr. Coombs, into temporary housing while restorations were underway.

The move back after the renovations was just a short drive. As Mr. Coombs opened the door to his newly renovated apartment, he let out a quiet, “wow.” He stepped onto the hardwood floors, and took in the changes to his apartment bathed in natural light.

TRF worked with a network of investors and business partners to make sure seniors can live with greater dignity in affordable housing that is so much more than an apartment.

As he made his way to his accommodating back patio, a smile grew across his face, “I have a couple different grills and a smoker I’m going to have to set up for the summer.” He looked around outside and noticed the new light fixtures offering him and his neighbors added security at night, something he requested before the renovation came in.

As he came in, he looked at his new kitchen one more time, opening every cabinet while nodding in approval. “They did a good job. I’m impressed,” he added as he began to unpack his kitchen supplies, making himself at home again.

Buford Manlove Manor is a good example of TRF’s work — delivering capital that helps transform lives and rebuild neighborhoods. Here, TRF worked with a network of investors and business partners to make sure seniors can live with greater dignity in affordable housing that is so much more than an apartment. It’s a home that brings peace of mind and a sense of community.


TRF Development Partners has 5 active housing developments across 3 states.
Community Housing
Impact on Housing and Community Assets

Investment in Neighborhood Helps a Baltimore Community Thrive


The City Arts development converted a vacant block into one of the city’s most vibrant and affordable residential developments.

The City Arts development is a $17 million project which includes 85 new and rehabbed units in the 400 block of East Oliver Street in Baltimore’s Greenmount West neighborhood. TRF Development Partners’ analysis suggests that this development will have three important effects 1) improve economic diversity; 2) significantly reduce abandonment rates and improve safety; and 3) create greater stability and attract additional residents, which would increase the average sales values and stimulate market growth.

TRF DP co-developed the first phase of City Arts with Homes for America and Jubilee Baltimore, to create the 69-unit City Arts Apartments building. The project redeveloped a vacant block into quality affordable housing designed to serve local artists in the Station North Arts and Entertainment District. The City Arts Apartment building has received awards in two national competitions for Low Income Housing Tax Credit developments.

“By caring about the neighborhood and by caring about the people who are here — and caring about the properties that are here — that works. And it can make a difference to people and hopefully to even the city at large… and even more than that.”

The second phase of the development is the City Arts Historic Townhomes, which created 9 units of energy-efficient, two-bedroom rental homes. The homes, which are part of the City of Baltimore Commission for Historical & Architectural Preservation program, feature stained glass front door transoms and distinctive iron flower boxes created by artisans.

TRF DP has begun construction on the third phase of the development, the City Arts Studio Lofts (7 units). These for-sale townhomes are anticipated to be completed in 2013. These developments have created the City Arts residential development area, which converted an entirely vacant and desolate area into one of the city’s most vibrant and affordable residential developments serving local artists and community members alike.


Impact on Health

Increasing Access to Quality Health Care in NJ’s Largest City


NCHC’s expansion broke ground in the summer of 2012. Once completed the facility will serve almost double the number of patients.

Newark Community Health Centers, Inc. (NCHC) is a private, nonprofit Federally Qualified Health Center (FQHC) that has been providing comprehensive primary care services to children and adults in the greater Essex County area of New Jersey for over 25 years. With six locations, NCHC is the largest health care provider for the uninsured and medically underserved populations in New Jersey’s largest city.

NCHC is transforming its headquarters facility in North Newark with a significant expansion and modernization that will increase capacity and improve accessibility. TRF financing in partnership with the Low Income Investment Fund and the Kresge Foundation will help the facility triple the number of medical exam rooms and double its dental suite.

“The community needs quality healthcare. They also need affordable healthcare. And so, if there wasn’t investment in Newark Community Health Centers to provide this service, then where would those people go? Where would they go?”

NCHC is managing the project so that there is no interruption to health services at the location during construction. With 23,000 patient visits in 2012, the newly expanded facility is expected to accommodate nearly 40,000 annual visits upon completion.


Data & Analysis
Impact on Data & Analysis

Access to Smart Data Can Drive Decisions to Strengthen Communities

Some decisions are made by “gut feel.” Others by consensus building. But decisions that have a direct impact on communities — and the residents and businesses that live and operate within them — should not be made by using only one or both of those strategies.

Unfortunately, some policy makers and others in the decision-making process that affect communities have had to rely on such strategies since reliable data wasn’t easily available.

In 2012, TRF and Citi Community Development brought their expertise and resources together to make sure that could change. Now, with the creation of My District Data, every policy maker in every Congressional district in the country can make decisions using accurate, targeted data. For free.


In the past, the irregular borders of Congressional districts forced policy practitioners to cull data from a range of sources across overlapping areas to produce an incomplete picture of economic, employment, financial, educational and housing conditions at the district level.

Developed for legislators and their advisers, as well as community organizations and local residents, the interactive, web-based tool aggregates a range of granular data — for the first time broken down to match the borders of Congressional districts — to present a district snapshot intended to inform smart policy-making.

“By making critical data accessible and actionable, this tool will strengthen the connection between the national agenda and the local issues that drive it.”

My District Data aggregates data from 10 sources in one easy-to-use platform that presents a clear and consistent state-of-the-district analysis, and users can compare district-level statistics against state and national benchmarks. The inaugural My District Data report, launched in the Fall of 2012, focuses on workforce and jobs and offers district-level information on labor force and employment, workforce demographics, business climate, and educational environment.

Bob Annibale, Global Director of Citi Community Development and Microfinance, believes that My District Data complements the important data analysis work of the CFED Assets & Opportunity Scorecard as well as the FDIC Survey of Unbanked and Underbanked Households and recent US Census reports — and adds value by pinpointing similarities and disparities at the Congressional district level for the first time.

“By making critical data accessible and actionable, this tool will strengthen the connection between the national agenda and the local issues that drive it,” said Annibale.


PolicyMap offers over 16,000 continuously updated data related to home sales, crime, mortgage originations, demographics, jobs and more for geographies across the U.S.
Food Access
Impact on Food Access

A Fresh Food Oasis Thrives in Vineland

At the ribbon cutting for the new ShopRite store on West Landis Avenue in Vineland, N.J., Mayor Ruben Bermudez called out to the crowed, “Thank you for believing in Vineland. We have a lot of things finally coming our way.”

Mayor Bermudez was thanking the Bottino family whose ShopRite store now anchors a 79,000-square-foot retail center in one of the most distressed neighborhoods in Vineland. In addition to the ShopRite supermarket, the shopping center, which stands on what once was a salvage yard, also includes a Federally Qualified Health Center and three other retail spaces.

The new facility, which replaces an older, smaller store elsewhere in Vineland, made it possible to retain 135 jobs as well as create an additional 100 new ones, 50 percent of which were filled by residents from the surrounding community. The developer partnered with the Cumberland Salem Workforce Investment Board to recruit those jobs. The store is located in a census tract with an unemployment rate of 12.5 percent, and in an area of Vineland where residents have limited access to a supermarket.


The Vineland neighborhood, according to TRF analysis, lacked adequate access to healthy food such as fresh fruits and vegetables. There were plenty of fast-food outlets while full-service grocery stores were blocks away and hard to reach.

The data gave the community what it needed to make the case for change — and it happened.

TRF provided over $9 million in New Markets Tax Credit financing for this project. TRF also provided $2 million from federal Healthy Food Financing Initiative funds and $2.5 million from the Robert Wood Johnson Foundation through the New Jersey Food Access Initiative. In addition to construction, the financing also supported the purchase and installation of equipment for the Bottino family ShopRite.

Jim Bottino, president of the four-store Bottino ShopRite chain, spoke about what drove the difficult project: “Our decision to develop this project was out of concern for our Vineland associates and the community at large,” Bottino said. “We believe our success is a direct result of our commitment to family and community.”


As part of TRF’s national efforts around food access, TRF partnered with PolicyLink and The Food Trust to launch, a comprehensive online resource.
Comminuty Assets
Impact on Community Assets

Looking at Projects through a Different Lens and Seeing Promise


Ernst Valery, the developer, turned to TRF for financing when conventional lenders would not help.

In Baltimore, a landmark building in the Station North Arts and Entertainment District has been renovated with help from TRF.

The Chesapeake Building, a 30,000-square-foot property named for the former Chesapeake restaurant near the city’s Penn Station, was vacant for some 20 years, and surrounded by decaying real estate that deterred investors as much as it did shoppers and potential tenants.

“It was dilapidated, there were many vacant buildings,” said Ernst Valery, president of Ernst Valery Investments Corp., the developer who bought the property in 2010 from the Baltimore Development Corporation.

Valery needed a loan to complete the project, but was turned down by banks and other lenders who saw the project as too risky, especially as it was anchored by a restaurant, whose industry has a notoriously high failure rate.

“Conventional lenders couldn’t understand it,” he said.


So he turned to TRF which provided a construction and permanent loan to fund the exterior renovations and build out the ground floor along with significant borrower equity and historic tax credit equity.

The project met TRF’s goal of helping to revitalize low-wealth communities. “They want to be involved with projects that contribute to communities,” Valery said.

That’s a goal shared by Valery, who aims to rebuild declining neighborhoods, and do so in an environmentally sustainable way, while also ensuring a good return for his investors.

“The bulk of what we do is in neighborhoods that are undervalued,” he said. “We develop real estate that goes beyond bricks and mortar.”

From the developer’s point of view, using the TRF funds rather than equity for a portion of the project’s costs allowed him to build a reserve for the restaurant before it established a client base. The restaurant opened in June 2013.

TRF’s funding will pay for renovation of the ground floor which will contain a café and market and a farm-to-table restaurant.

When complete, the building will also include office space for small businesses, and artist studios. In the lot behind the building, Valery and his partners are planning to build 80 apartments which will be provided at below-market rent — enabled by tax credits that are available to developers of blighted areas — to the artists that Valery is hoping to attract to the neighborhood. He plans to rent apartments to the “creative class” of tenants, such as those from the nearby Maryland Institute College of Art (MICA).

With TRF’s help, the historic Chesapeake (built in the 1890s) is poised to once again become a vibrant Baltimore destination.

The project is a crucial piece to revitalizing the Station North neighborhood, which is a short walk from major public transit, including Amtrak and MARC commuter trains. Baltimoreans have also been eager to see this landmark building come back to life in a neighborhood that is home to several successful restaurants, an independent movie theater and a multipurpose art gallery. With TRF’s help, the historic Chesapeake (built in the 1890s) is poised to once again become a vibrant Baltimore destination.


In the last decade, TRF has invested $108 million in Baltimore alone. In addition to the Chesapeake Building, recent projects include the Henderson-Hopkins School in East Baltimore and a new ShopRite in Howard Park.
Message From CEO & Chair

ceo-chair John S. Summers, Chairman of the Board (left)
Don Hinkle-Brown, President and CEO (right)
In this context, this past year has been one of action and reflection for TRF. Lending, building and analyzing while also digging deeper to better understand how the work we do has a positive impact on people’s lives.

In the five years since the Great Recession, the United States has suffered enormous economic hardship, particularly affecting low-wealth families. Nationally, the unemployment rate peaked at 10.4% in early 2010 with the labor force participation rate continuing to shrink, reaching 63.2% by early 2013. By late 2009, the number of seriously delinquent home mortgages had risen to 9.7% and even now remains well above pre-recession levels. The poverty rate is at a 20-year high and the Supplemental Nutrition Assistance Program participation has risen 65% since 2008. As our nation has struggled to address the crisis, TRF has risen to the challenge and remained a thriving source of support.

During this period, TRF’s Lending originated $418 million to build and preserve over 2,400 affordable homes, 10,700 charter school seats and 55 food access projects; TRF Development Partners developed over 500 homes; and TRF’s Policy Solutions and Policy Map increasingly served as practical and insightful sources of data and studies.

It has been an extraordinary time for TRF as it has distinguished itself as among the nation’s financial and thought leaders.

In this context, this past year has been one of action and reflection for TRF. Lending, building and analyzing while also digging deeper to better understand how the work we do has a positive impact on people’s lives.

We are implementing our strategic plan and measuring our impact by the number of people we’ve served; neighborhoods we’ve enhanced; and policies we’ve helped to improve. To provide you with deeper insight into TRF’s work and impact, this year’s Report highlights the people and places our work and your investments touch.

We’ve been thinking about what it really means to put capital at the point of impact.

We believe that if we have a greater understanding of how people’s lives are enhanced or changed for the better, and for the long-term, we can become even better problem-solvers. And we can tell you more specifically about how communities get stronger because of your investment.

So, this year’s Annual Report introduces to you the stories of the people and places we’ve affected. People like Brandon Primeaux, who tells us that the soon-to-open supermarket in his town, Chester, represents so much more than better food options and access. And 15-year-old Samantha Romero who tells us she’s on her way to be an astrophysicist in part because of what she’s accomplished in the new chemistry lab in her school. This Report format allows us to tell you twelve stories about twelve ways your investment has helped to improve lives. It allows us to couple these stories with the financials that show how we steward your investments and leverage our collective impact even further.

As always, we are grateful for your trust and commitment to our mission. We value our partnership with you because it drives the kind of social change that has a true impact on people’s lives. As you read this Annual Report, we hope you’ll often visit our new web site that now tells even more human stories about your dollars at work. True stories of your capital delivered to the point of impact.

ceo-chair John S. Summers, Chairman of the Board (left)
Don Hinkle-Brown, President and CEO (right)
Don Hinkle-Brown
President and CEO
John S. Summers, Esq.
Chairman of the Board

Don Hinkle-Brown
President and Chief Executive Officer
Suzanne Aloi
C. Sean Closkey
President, TRF Development Partners
Michael M. Crist
Executive Vice President and Chief Financial Officer
Ira Goldstein
President, Policy Solutions
Dana Johnson
Vice President & Market Leader
Maggie B. McCullough
President, PolicyMap
Patricia Muraresku
Director, Human Resource Services
Barry Porozni
Chief Information Officer
Andy Rachlin
Vice President & Market Leader
Patricia Smith
Senior Policy Advisor
Sara Vernon Sterman
Chief Lending Officer
Kavita Vijayan
Director, Strategic Communications
Nancy Wagner-Hislip
Executive Vice President, Capital Structure and Lending Operations
Board of Directors
John S. Summers, Esq., Chair ¹
Hangley Aronchick Segal Pudlin & Schiller
William J.T. Strahan, Vice Chair ¹
Comcast Cable
Robert E. Keith, Jr., Secretary ¹
TL Ventures
Andrea R. Allon ²
Greater Philadelphia Chamber of Commerce
Arnie Graf ¹
Scott Jenkins ¹, ²
S.M. Jenkins & Co
Trinita Logue ²
As of June 30, 2013
¹ Executive Committee
² Finance and Audit Committee
Katherine O’Regan
New York University Wagner School of Public Service
Simran Sidhu
YouthBuild Philadelphia
Jerome Smalley
Stonington Partners
Elizabeth Sur
PNC Bank
Wayne R. Trotman ²
JPMorgan Chase
Patricia D. Wellenbach ¹
Green Tree School
Mark Zandi
Moody’s Analytics
Boards & Committees
TRF Loan Committee
Raymond W. Kirschner, Co-Chair
Citizens Bank
Liz Sur, Esq., Co-Chair
PNC Bank
Miguel Baptista
M&T Bank
Saul A. Behar, Esq.
University City Science Center
Sean Birney
JP Morgan Chase
Chip Darling
Mission First Housing Development Corporation
Dominic DeSimone
Ballard Spahr Andrews & Ingersoll, LLP
Darrell K. B. Giles
Mitchell & Titus
Rose Gray
Asociacion De Puertorriquenos En Marcha, Inc.
Susan Harper
Bank of America
Edward F. Madden
First Choice Bank
Judith S. Memberg
Genesis Housing
Robert Kugler, Esq.
Archer & Greiner.
TRF Sustainable Development Fund Board of Directors
Kurt Bresser
Temple University
Alan Grant
Keating Environmental Management
James Harven
Constellation Energy
Frank Jiruska
PECO Energy Company
Albert Koenig
A-KON Consulting Engineers
Muscoe Martin
M2 architecture
Janet Milkman
Delaware Valley Green Building Council
TRF Development Partners Board of Directors
Tad Glenn
Kelliher & Salzer, LLC
Arnie Graf
Don Hinkle-Brown
The Reinvestment Fund
Jerome Smalley
Stonington Partners
Raphael Bostic
University of Southern California
Amy Crews Cutts
IXI Corporation
Stefanie DeLuca
Johns Hopkins University
Michael A. Fitts
University of Pennsylvania Law School
George Galster
Wayne State University
Katherine O’Regan
New York University Wagner School of Public Service
Nicolas P. Retsinas
Harvard Business School
John S. Summers
Hangley Aronchick Segal Pudlin & Schiller
Mark Zandi
Moody’s Analytics
Community Advisory Board
Daniel Betancourt
Community First Fund
Angela Glover Blackwell
Angela Butler
National Development Council
David L. Evans
Commonwealth Cornerstone Group
Arnie Graf
Rose Gray
Asociacion De Puertorriquenos En Marcha, Inc.
Vandell Hampton, Jr.
First State Community Loan Fund
Jeannine Jacokes
Partners for the Common Good
Robert Jenkins
Renaissance Equity Partners
David Kahley
Progress Fund
Lori Matheus
New Jersey Economic Development Authority
Simran Sidhu
Youthbuild Philadelphia Charter School
Andrea Thomas-Reynolds
Algiers Charter Schools Association
Beverly Woods
Greater Philadelphia Urban Affairs Coalition
PolicyMap Advisory Board
Don Hinkle-Brown
The Reinvestment Fund
Bruce Katz
Brookings Metropolitan Policy Program
Robert E. Keith, Jr.
TL Ventures
Debra Schwartz
John D. and Catherine T. MacArthur Foundation
Jaron Waldman
Apple, Inc.
Mark Zandi
Moody's Analytics
Steve Zarrilli
Safeguard Scientifics, Inc.
PRIVATE EQUITY GOVERNANCE Board of Directors & Managers
Della Clark
The Enterprise Center
Michael M. Crist
The Reinvestment Fund
Linda DeJure
Technical Advisor/Consultant
Scott Jenkins
S.M. Jenkins & Co.
Tracy Kartye
Annie E. Casey Foundation, Inc.
Robert E. Keith, Jr.
TL Ventures
Daniel McElhatton
McElhatton Foley, P.C.
Investment Committee
Robert E. Keith, Jr., Chair
TL Ventures
Michael M. Crist
The Reinvestment Fund
Linda DeJure
Technical Advisor/Consultant
Scott Jenkins
S.M. Jenkins & Co.
Robert Q. Reilly
PNC Bank

TRF Financing Transactions Closed in Calendar Year 2012:
$130.2 Million in 80 Transactions
  • 1400 Spring Garden
  • Camden Lutheran Housing
  • Coopers Hill Townhomes *
  • Lansing Group
  • North 25 Housing Corporation
  • NRLP I
  • Oasis Housing
  • Paseo Verde Investment Fund *
  • Remington Row Too
  • Sansom Street Development
  • Westminster Apts. *
16 Transactions
$ 19,311,786
* Multiple Transactions
Community Facilities
  • Acelero
  • Beloved Community Charter School
  • Bushwick Ascend Charter School *
  • City Invincible Charter School
  • Community Health Care
  • Henderson-Hopkins School *
  • E.L. Haynes Public Charter School
  • Esperanza College, a program of
    Nueva Esperanza *
  • Freire Charter School *
  • Hope Academy Charter School
  • Lady Liberty Academy Charter
  • Newark Community Health Center
  • PHN Charitable Foundation
  • Primary Health Network —
    Punxsutawney *
32 Transactions
$ 56,331,083
* Multiple Transactions
Commercial Real Estate
  • 40th Street Live
  • Ambler Boiler House *
  • Apples and Oranges Fresh Market
  • Bottino Holdings, Inc. —
    Vineland Shoprite *
  • Chesapeake Gardens, LLC
  • The Chesapeake
  • Coppin Heights Healthcare Facility
  • CreekSide Co-Op *
  • Fair Food Inc.
  • LMT Greenhouse / Brightfarms
  • MICA Studio Center *
  • Parkway Hotel *
  • Philabundance — Fare and Square *
  • Rector Street Associates
  • Save-A-Lot — JR Markets
  • Save-A-Lot — Edison Square *
  • Seabra Foods *
32 Transactions
$ 54,542,718
* Multiple Transactions
Financial Summary
TRF closed 80 financing transactions totaling $130.2 million in 2012. The following are selected financial highlights from the year.
Download the CY2012 Audit Report
Capital Under Management

In 2012, we were awarded our 5th allocation of New Markets Tax Credits of $42 million increasing our allocation to $320 million. Capital under management totaled $672 million at December 31, 2012 as compared to $682 million at December 31, 2011, a decrease of $10 million. Significant activity in 2012 include: the expected maturity and subsequent unwind of two NMTC partnerships; distributions to our private equity investors as we wind down our portfolio investments; repayment of higher cost debt at maturity; and planned non-renewal or reduction of other credit facilities partially offset by receipt of our $42 million NMTC allocation.

Loans & Leases Outstanding

Loans and leases outstanding totaled $180.5 million at December 31, 2012 an increase of $21.7 million over prior year. The increase is due to new loan closings of $130.2 million (including NMTC loans) partially offset by loan repayments and net charge-offs. Net charge-offs totaled $850 thousand, or .47% of total loans and leases outstanding, lower than the average for U.S. banks. 96% of TRF’s charge-offs were offset by dedicated grants restricted for such purposes.

Consolidated Net Assets

Total consolidated net assets increased $8 million to $122 million. Significant activity impacting net assets included an operating surplus of $4.1 million, several grants in support of our food access financing (CDFI Fund $3 million, Robert Wood Johnson Foundation $2 million, and JP Morgan Chase $1 million) and grants in support of our real estate development in Jersey City (Honeywell $2.5 million). In 2012, TRF also received continued support for financing activities from the CDFI Fund of $1.5 million. Accounting disclosures require the inclusion of non-controlling interests in consolidated subsidiaries as part of unrestricted net assets.


Each of TRF’s four business lines provided positive operating contribution margins. The following are the revenue trends.

Financial Review Highlights
Selected Financial Data ($ in Thousands)

Supporters as of December 31, 2012
  • Adina Abramowitz
  • Carolyn T. Adams
  • Lucetta Sharp Alderfer
  • Ruth Nelson Allen
  • Andrea R. Allon
  • Suzanne Anastasi Aloi
  • Linda S. Altman
  • Marynell Anderson
  • Marcia L. Angerman
  • Elizabeth Daniels Anton
  • Johanna M. Berrigan and
    Mary Beth Appel
  • Robert L. Archie, Jr.
  • Ina Elfant Asher
  • Peter Askey
  • John and Ellen Asma
  • Denis N. and Judith N. Asselin
  • Burt Atherton
  • Elizabeth Augustine
  • Constance Autumn
  • Warren W. Ayres
  • Daniel E. and Marcy K. Bacine
  • John K. Ball
  • James R. Banks
  • Regina Bannon
  • Richard S. Barkley
  • Natalie K. Barndt
  • Sharon Barr
  • David W. and Pearl Bartelt
  • The Rt. Rev. Allen L. and
    Jerriette K. Bartlett
  • Paula Barvin
  • Ruth Batts
  • Todd, Ariella & Mira Baylson
  • Paul W. Beach, Jr.
  • Cathy J. and Saul A. Behar
  • Joan H. Behr
  • H. Gerald Nanos and Laura E. Beider
  • Gordon C. and Ruth P. Bennett
  • Ruth S. Bennett *
  • Charles J. and Mary Ann C. Bentz
  • Daniel and Carolyn Berger
  • Lawrence H. Berger
  • Paul and Joan Bergsteinsson
  • Toni Seidl and Richard L. Berkman
  • Fred Beste
  • Jane Robin Bilger
  • Howard Bilofsky
  • Allen D. Black
  • Bart Blatsein
  • Elayne Blender
  • Amy E. Farrell and John D. Bloom
  • Cheryl and Elson O. Blunt
  • Alden and Linda Blyth
  • James F. Bodine
  • Stuart E. Bogom
  • Lila Booth
  • Edith F. Borie
  • Peter Borie *
  • David L. and Marjorie C. Bowler
  • David Thomas Bradley
  • Jacob B. Bradley
  • Margaret Berger Bradley
  • Noah B. Bradley
  • Joseph M. and Mary Ellen Bradley
  • Sallie Carpenter Brooke
  • Norma B. Brooks and Joshua Brooks
  • Robert Brooks
  • William R. and Nancy Brosius
  • Robert J. and Judith G. Bruce
  • Benjamin David Burenstein
  • David H. and Geraldine F. Burton
  • Juliana Bussiere
  • Daniel B. Butler
  • Mary M. Butler
  • Peter L. Buttenweiser
  • Stacey L. Butterfield
  • Miriam Byron
  • Leonard A. Caldwell
  • Catherine M. Califano
  • James and Barbara Calkins
  • Mark F. Campbell and Lileng Tan
  • Geoffrey E. Campen
  • Pearl M. Carpel
  • Charles A. Carter, III
  • Howard M. Casper
  • Lee A. Casper
  • Edward F. and Joan H. Cassidy
  • Carla C. Castillo
  • Susan Catherwood
  • John T. Cavanaugh II
  • Kevin J. Cavanaugh
  • Peter J. Cavanaugh
  • Kay A. Cavis and Laurie A. Cavis
  • Harry E. Cerino
  • Stephen P. Chawaga and Laura Novo
  • Jean-Marc Choukroun
  • Sandra J. Choukroun
  • Jolley Bruce Christman
  • Carroll H. and Joseph V.F. Clay III
  • C. Sean Closkey
  • Helen J. Closkey
  • John M. Closkey
  • M. Pilar Closkey
  • Robert Hogan Closkey
  • Isaac H. and Barbara M. Clothier IV
  • Wendy S. Buckwalter Coffman
  • Thomas and Michele Coghlan
  • Angela H. Coghlan
  • Benjamin Cohen
  • Burton and Linda Cohen
  • David Cohen
  • Fred Cohen
  • Jano Lynn Cohen
  • Milton Cohen
  • Alan J. and Darlene L. Cohn
  • Stephen L. and Ivy L. Cohn
  • John L. Colborn
  • Ann Frances Cook
  • Rebekah Beth Cook-Mack
  • Robert L. and Michelle H. Cooney, Jr.
  • Randall Copeland
  • Betsy S. Corkran
  • Matthew T. and Elizabeth Corso
  • Robert Coughlin
  • Isabel P. Cox-Johnson
  • Joseph A. and Joann C. Cozza
  • Andrew J. Crist
  • Michael A. Crist
  • Michael M. Crist
  • Paula S. Crist
  • Lea M. Csala
  • Richard A. D’Amico
  • Ralph Cook and Mary Daniel
  • Joann Rosen and Ronald Daniels
  • Frank F. and Ann G. Davidoff
  • Betty Davis
  • Nancy Davis
  • Ellen Deacon
  • Carrie L. DeBehake
  • Fred T. Dedrick
  • Linda DeJure
  • Jeffrey Dekro
  • Jose Alfredo and Ingrid F. Dela-Pena
  • Peter J. and Beth W. Denitz
  • Eleanor Denoun
  • Dana Devon
  • Jonathan H. Dickstein
  • Barbara Dinsmore
  • Francis C. Dinsmore
  • Ray Diver
  • George Dixon
  • William Dobkowski
  • Elaine G. Dushoff
  • Peter J. and Jennifer D. Duskey
  • Aaron R. Eisenstat
  • Ben N. Eisenstat
  • Noel E. Eisenstat
  • Edward and Elizabeth Ellers
  • Paul S. and Mary Lynn H. Ellis
  • James S. and Wendy M. Emrich
  • Roger Payne Enloe *
  • Jane Erickson
  • Ollie M. Ervin
  • William H. and Anne Constant Ewing
  • Michael and Helen Feinberg
  • Rabbi Jennifer E. Feldman
  • Janet L. Filante
  • Stefanie K. Fine
  • Marcia M. Finisdore
  • Dina Fink
  • Graham Finney
  • Mrs. Graham Finney
  • Jeanne B. Fisher
  • John Fisher
  • Peter E. and Margaret W. Fleming
  • Mrs. Phyllys B. Fleming
  • James T. Fleming
  • Otto Sam Folin
  • Diane Freaney
  • Joseph Freedman
  • Dayle Friedman
  • Elizabeth Fry
  • Robert E. Fry
  • Michael J. Furey
  • Lisa R. Gaffney
  • Charles and Barbara Gandy
  • Bruce Garland
  • John M. and Melissa Weiler Gerber
  • Mary R. Gibbs
  • Teresa Gillen
  • John P. Caskey and Janet F. Ginzberg
  • Eva Gladstein
  • Jeffrey Lawrence Dunoff and
    Theresa Glennon
  • David and Linda Glickstein
  • Stephen F. and Barbara W. Gold
  • Amy Joy Goldberg
  • Steven A. Goldfield
  • Mary L. Goldman
  • Otha and Diane Goldman
  • Abraham S. Goldstein
  • Ira J. Goldstein
  • Noah S. Goldstein
  • Daniel F. Gordon
  • Jeff Gordon
  • Michael Gordon
  • Sophia Barringer Gordon
  • Scott Gordon
  • Edward J. Gracely
  • Arnie Graf
  • Marshal and Tamar E. Granor
  • Kennen S. Gross and Wendy S. Schotland
  • Leonard E. and Sally Grossman
  • Margaret E. Guthrie
  • David Haas
  • Phyllis Haas
  • Phoebe A. Haddon
  • Richard A. and Constance C. Haggard
  • Debra J. Hansen
  • John M. and Randi S. Harris
  • Nicole Vance Harris
  • Donald V. and Esther M. Harrison
  • Konrad Palmer and Judith Edquist Hartl
  • Jeremiah J. Hayes
  • Dr. and Mrs. Ronald Heier
  • Edward S. and Mary W. Herman
  • Joseph A. and Elizabeth A. Herwig
  • Stanley T. Hibberd, III
  • P. David Hill
  • Theodore L. Hill, III
  • David and Anne Hilton
  • Christopher M. Hinkle-Brown
  • Donald R. Hinkle-Brown
  • Nancy Wagner-Hislip and Brian Hislip
  • Tara Elisabeth Hislip
  • Jill Horn
  • Farah M. Jimenez and David L. Hyman
  • Desmond Todd Hudson
  • Linda Hulsey
  • Sam Byron Hulsey
  • Howard and Mary Hurtig
  • Jane Jackson
  • Jeffrey Robert Jaeger
  • Scott M. and Yardley R. Jenkins
  • Robert W. Johnson
  • Viki Bok and Dewitt C. Jones, IV
  • J. Parry and Elise Jones
  • Khalilah Jones and Nia & Kayla Jones
  • L. Eric Jones
  • William H. Jones, Jr.
  • Amanda B. Joseph
  • Claire Louise Jurkowski
  • Richard and Kae Kalwaic
  • Rachael Kamel
  • Brandon Kane
  • Jerry Kaplan
  • Stephen L. Kazanjian
  • Robert E. and Margot W. Keith, Jr.
  • Morris and Anne Kellett
  • Barbara Ann Kelley
  • Frances P. Kellogg
  • Howard Kellogg
  • Arlene Kelly
  • William B. Kelly III
  • Edward A. Kennedy
  • Michael F. Kennedy
  • Sharon A. Kershbaum
  • Theodore W. Kheel
  • Christina Kind
  • Justin P. and Mary W. Klein
  • Kenneth L. and Eve Biskind Klothen
  • Andrea Knox
  • Donald W. and Vicki W. Kramer
  • Graciela Cavicchia Krauss and
    Curtis Krauss
  • Nancy Fuchs-Kreimer and Seth Kreimer
  • David W. Lacey
  • Earl W. and Mary E. Laney
  • Bernard S. Langer
  • Rebecca F. and Richard T. Lauer
  • J.P. Lawrence
  • Brenda Lazin
  • Steven S. Lazin
  • James O. and Eleanor D. Lee
  • Scott Burris and Margaret S. Lee
  • Mary C. LeFever
  • Roy J. Lehman III
  • Barbara Wertz-Leiden and Charles Leiden
  • Monica Letzring
  • Paul R. Levy
  • David G. Lewis
  • Arthur Liehosotner
  • Charisse R. Lillie
  • Ellen A. Lloyd
  • H. Gates Lloyd
  • John S. and Florence H. Lloyd
  • Geoffrey Elliot and
    Margaret Neisser Lobenstine
  • Trinita Logue
  • Marina Lotocki *
  • Jeffrey W. Perkins and C. Kenneth Lovett
  • James J. and Kathleen G. Lynch
  • Robert J. Macbeth
  • Dorothy M. MacIntyre
  • Allan Mallach
  • Linda P. Manzo
  • Jonathan H. Marshall
  • Laura Marshall
  • Rachel Falkove-Masch and
    Michael J. Masch
  • Carolyn J. Mather and
  • Ariel Matthew Hoenig
  • Charles Mather, III
  • Sharmain W. Matlock-Turner
  • Marciene Mattleman
  • Katherine Maus
  • Sarah Linden Maus
  • Eloisa Mayr
  • Josselyn and James McAdam
  • Bradley Sheeks and Patricia McBee
  • Michael D. McClary
  • Thomas L. McClellan
  • Edwin McCook
  • William Sanderson and Carolyn McCoy
  • James E. McCullough
  • Maggie B. McCullough
  • Timothy P. McCullough
  • Anne Kind McKenna
  • Marc and Laura McKenna
  • Robert McLean
  • Marita C. McManus
  • Henry McNeil
  • Charles and Susan Cassidy McPhedran
  • Letitia McPhedran
  • Peter McPhedran
  • Joseph E. and Susannah C. McQuillan
  • Judith S. Memberg
  • Samuel M. and Cecile K. Merion
  • Molly R. Merriman
  • Sylvia L. Metzler
  • Vivian Middleman
  • John E. and Faith B. Midwood
  • Lydia Y. B. Midwood
  • Lewis M. Milford and Sara D. Travis
  • Ervin Miller *
  • Joyce E. Miller
  • William P. Miller
  • Margretta Milles &
    Sean Abraham Maguire
  • Michael Martin Mills
  • Constance C. Moore
  • Thomas W. and Anne H. T. Moore
  • Sara Moran
  • Alan E. and Amy V. Morrison
  • Betty Mosley
  • Stephen P. Mullin
  • Mulubwa Munkanta
  • John A. and Mary Kay Myers
  • Katharine D. Myers
  • Elizabeth A. Nash and
    Salvatore Pappalardo
  • Penelope Nash-Pappalardo
  • Ann Neale
  • Lathrop B. Nelson
  • Pamela B. Nelson
  • Sara Nerken
  • Pamela M. and Cliff Nesbit
  • Harriet B. Newburger
  • Elizabeth Nordell
  • Michael P. and Deborah E. Norman
  • Margit Hope Novack
  • Edward Nowak
  • Jeremy Nowak
  • Adam Cohen-Nowak
  • Elizabeth Anne O’Donnell
  • Evan O’Donnell
  • Suzanne P. O’Grady
  • Jane O’Neill *
  • Katherine O’Regan
  • Kimberly C. and Carl Oxholm
  • Sara Susan Palmer
  • Patricia A. Patrizi
  • Edward P. Pelius
  • Charles and Annette Penniman
  • Edward Perkins
  • Andrew I. Philipsborn and Jane R. Bilger
  • Dorothy and Robert Philipson
  • Leah Pillsbury
  • Valerie G. Piper
  • Dr. Stanley A. and Susan L. Plotkin
  • Ruth E. B. Podolin
  • Robert Pollack
  • Richard Eisner and Joan F. Pollak
  • Elizabeth Poulin
  • John E. and Anne Bowen Poulin
  • Joan M. Powell
  • Caitlin E. Quigley
  • Allyson B. Randolph
  • Susan C. Rassas
  • Henry T. Reath
  • Myra Reichel
  • Nicolas P. and Joan M. Retsinas
  • Willard C. Richan
  • Jeff Richardson
  • Hershel J. and Elizabeth R. Richman
  • Leonard Rieser
  • Jay and Gretchen Riley
  • Charles G. and Nancy O. Roach
  • George B. Roberts, Jr.
  • Howard H. and Joan C. Roberts
  • Marcia Rogers
  • Keith L. Rolland
  • Timothy Roseboro
  • Ronald Daniels and Joanne Rosen
  • Beth Rosenbaum
  • Philip D. Rosenberg
  • Julia K. Rosenwald
  • Katrina H. Rouse
  • Matthew J. Royles
  • David Rudovsky, Esq.
  • Lea M. Ruiz and Gabriella M. &
    Giovanni J. Ruiz
  • Evangeline Rush
  • Arthur and Abby K. Ryan
  • The Rev. E. Kyle Saint Clair
  • Guillermo Salas, Jr.
  • Nancy M. Brokaw and David H. Sanders
  • Marian Sanders
  • Robert G. Sanders
  • Marta A. Santiago
  • Joseph V. and Barbara A. Sarcinello
  • Andrew Whalen Saul
  • John Schaefer
  • David Schech
  • Susan M. Hight and Cecilia Schickel
  • Kate Maskar and Bruce A. Schimmel
  • Steven M. and Lisa K. Schnell
  • Lawrence and Jane E. Schofer
  • William Mitchell and
    Arleen Griffeth Schotanus
  • Barry and Myrna Schwartz
  • Eric D. Schwartz *
  • Marc Schwartz
  • Michael R. Schwartz
  • Cherie Scudder
  • Daniel Segal
  • Stephen and Patricia Segal
  • Frank F. Furstenberg and Nina Segre
  • Julia Serbulov
  • William Serow *
  • Frederick T. Seving, Jr.
  • John W. and Gertrude B. Seybold
  • Margaret Shapiro
  • Catherine N. Shelton
  • Simran Sidhu and Ravi Acharya
  • Robert Siewell
  • Robert Simpson
  • Cassandra Sims
  • Jerome D. Smalley
  • John A. and Marie L. Smart
  • Ann Robb Smith
  • Anthony E. Smith
  • Jane Smith
  • Patricia L. Smith
  • Sarah L. O. Smith
  • Amanda W. Smoot
  • Jonathan Roberts Snipes
  • Edward L. and Gail W. Snitzer
  • E. Morgan and Matthew Spade
  • Julie Spahr
  • Leon Sperow *
  • Peter Sperry
  • Tad Sperry
  • Howard Spodek
  • Dylan J. Steinberg and Amey A. Hutchins
  • Patti and Steve Steinour
  • Nancy Steketee
  • Bruce M. and Carolyn K. Stephens
  • Christopher Michael Sterman
  • Jacob M.V. Sterman
  • Sara Vernon Sterman
  • Tabitha Grace Vernon Sterman
  • David and Dorothy Stevens
  • Leonard and Kathleen Stevens
  • James M. Stewart
  • Patricia Stewart
  • Craig Stock
  • Gene Bishop and Andrew Stone
  • Michael Horn and Susan Storb
  • Catherine Walker Stradley
  • William J. T. Strahan
  • John S. Summers
  • Warren and Harriet Swartzbeck
  • Christina M. and Adam T. Szczepanski
  • Kathleen Ross and Daniel Szyld
  • Susan Best and Francis Talarowski
  • Lois Tandy
  • Ann N. Greene and
    The Very Rev. Robert L. Tate
  • Joshua Tauberer
  • Harold Taussig Trust
  • Richard K. and Phyllis B. Taylor
  • Eva M. Abbott and Van C. Temple
  • Kara J. Tennis
  • David Teutsch and Betsy Platkin Teutsch
  • Robin Thacke
  • Margaret B. Thaw
  • Thomas McK. and Patricia R. Thomas
  • Andrea M. Thomas-Reynolds
  • Sara C. W. Thompson *
  • Wirt L. Thompson, Jr. *
  • David B. Thornburgh
  • Craig T. and Dana Toedtman
  • Harry G. and Harriet H. Toland
  • Jane Toll
  • Drew Humphries and Daniel P. Tompkins
  • James P. Toner
  • Wayne C. and Marilyn S. Townley
  • Clients of Trillium Asset Management
  • James Trimble
  • Nadine Trimble
  • John W. Turner
  • Margarita Rose and Robert Tuttle
  • Michael E. Tyler
  • Kimberly Tynan
  • Paul M. and Martha C. Van Cleve
  • Lee Van de Velde
  • Robert E. and Alice J. Vernon
  • M. Patricia West Vernon and
    Thomas M. Vernon, M.D.
  • Kavita Vijayan and Krish & Leela Santosh
  • Charles Auguste Philippe von Hemert *
  • Bertha Von Moschzisker *
  • Geraldine Wang
  • Paula M. and Herbert S. Waxman, MD
  • John C. Weidman
  • Abigail Weinberg
  • Cheryl Linda Weiss
  • Patricia P.B. Wells
  • Raymond Welsh
  • John A. Westrum
  • Mariellan Whelan
  • Margaret B. Lehr and Thomas K. Whitford
  • Barry D. Whitney
  • David and Betsy Wice
  • Judith Ann Wicks
  • Bridget S. and Gregory A. Wiedeman
  • William Samuel Wilkinsky
  • Kim A. Nunnally Williams
  • Denise A. Williams-Shannon
  • Alan L. Wilson
  • Cynthia A. Galan and Curtis J. Wilson Jr.
  • Dr. Lindley and Joyce Winston
  • Robert and Caryl Wolf
  • The Rev. and Mrs. William H. Wood III
  • Elizabeth Woodward
  • D.L. Wormley
  • Elizabeth Johnson Wray
  • David W. and Celia M. Wright
  • Peggy Wu
  • Paul Yeakel
  • Mark M. Zandi
  • Cheryl Anne Bettigole and Adam Zeff
  • Stephen J. Kaufman and Sydelle Zove
  • Gail Zukerman
With thanks to our Financial Supporters who wish to remain anonymous
* Deceased
Religious Institutions
Supporters as of December 31, 2012
  • African Episcopal Church of Saint Thomas
  • All Hallows Church
  • Arch Street United Methodist Church
  • Archdiocese of Baltimore
  • The ASSOCIATED: Jewish Community Federation of Baltimore
  • Atlantic-Midwest Province of the School Sisters of Notre Dame
  • Augustinians
  • Baltimore Hebrew Congregation
  • Bensalem Presbyterian Church
  • Bon Secours Health System, Inc.
  • Brandywine Deanery, Episcopal Diocese of PA
  • Brown Memorial Park Avenue Presbyterian Church
  • Bryn Mawr Presbyterian Church Foundation
  • Bucks Deanery
  • Calvary Church of Germantown
  • Cathedral Church of the Saviour
  • Catholic Health Initiatives
  • Central Philadelphia Monthly Meeting
  • Chizuk Amuno Congregation
  • Christ Church in Philadelphia
  • Church of St. Asaph
  • Church of St. Luke and the Epiphany
  • Church of the Good Samaritan
  • Church of the Holy Apostles
  • Church of the Holy Trinity, Rittenhouse Square
  • Church of the Messiah
  • Church of the Redeemer
  • Congregation Kol Emet
  • Congregation of the Sisters of Charity of the Incarnate Word
  • Congregation of the Sisters, Servants of the Immaculate Heart of Mary
  • Corporation for the Relief of the Widows & Children
  • The Daughters of Charity
  • Daughters of Our Lady of Mercy
  • Dominican Sisters of Peace
  • Episcopal Diocese of Pennsylvania
  • Episcopal Urban Caucus
  • First United Methodist Church of Germantown
  • FSC DENA Endowment Trust
  • Germantown Jewish Centre
  • Grace Episcopal Church
  • Grey Nuns of the Sacred Heart
  • Haddonfield Friends Meeting
  • Holy Innocents St. Paul’s Church
  • IHM Congregation Charitable Trust
  • Jewish Employment & Vocational Service
  • Mennonite Mutual Aid Community Development Investment, Inc.
  • Mercy Catholic Medical Center
  • Missionary Servants of The Most Blessed Trinity
  • Pennypack Deanery
  • Presbytery of Philadelphia
  • Religious of the Assumption North American Province
  • St. Andrew’s Episcopal Church (West Vincent)
  • St. Andrew’s Episcopal Church (Yardley)
  • St. Francis-in-the-Fields Episcopal Church
  • St. Isaac Jogues of Valley Forge
  • St. James Episcopal Church, Langhorne
  • St. James Episcopal Church of Kingsessing
  • St. Joseph’s Society of the Sacred Heart
  • St. John’s Episcopal Church
  • St. Luke’s Episcopal Church, Germantown
  • St. Mary’s Church at the Cathedral
  • St. Mary’s Episcopal Church Altar Guild
  • St. Mary’s Medical Center
  • St. Peter’s Church in the Great Valley
  • St. Peter’s Church of Philadelphia Endowment Fund
  • St. Philip’s Church
  • St. Thomas of Villanova Church
  • Sisters of Charity of Saint Elizabeth
  • Sisters of St. Francis of Philadelphia
  • Sisters of St. Joseph
  • Sisters of the Blessed Sacrament for Indians and Colored People
  • Society of the Holy Child Jesus
  • Solebury Monthly Meeting
  • Swarthmore Friends Meeting
  • Trinity Episcopal Church, Swarthmore
  • Trinity Health
  • Trinity Memorial Episcopal Church
  • TZEDEC Economic Development Fund of The Jewish Funds for Justice
  • Unitarian Society of Germantown
  • Unitarian Universalist Association of Congregations
  • VAAD: Board of Rabbis of Greater Philadelphia
Financial Institutions
Supporters as of December 31, 2012
  • Advanta Corporation
  • Amboy National Bank
  • The Baltimore Fund, LLC
  • Banc of America Community Development Corporation
  • Bank of America
  • Beneficial Savings Bank
  • The Bryn Mawr Trust Company
  • Capital One
  • Chase Manhattan Bank
  • Chase New Markets Corporation
  • Citibank
  • Citicorp USA, Inc.
  • Citigroup CCDE, Inc.
  • Citizens Bank of PA
  • Deutsche Bank Trust Company Americas
  • Fannie Mae
  • Fox Chase Bank
  • HSBC Bank USA
  • ING Bank
  • JP Morgan Chase Community Development Group
  • JP Morgan Chase Bank NA
  • M&T Bank
  • MBNA Community Development Corporation
  • Mellon Bank
  • Mercantile — Safe Deposit and Trust Company
  • Merrill Lynch
  • MetLife Bank
  • Morgan Stanley
  • National Cooperative Bank
  • National Penn Bank
  • NCB Capital Impact
  • PNC Bank NA
  • PNC Community Partners, Inc.
  • Progress Bank
  • Provident Bank
  • Republic First Bank
  • Rosedale Federal Savings and Loan Association
  • Second Federal Savings and Loan
  • Sovereign Bank
  • Sun National Bank
  • Susquehanna Patriot Bank
  • TD Bank, NA
  • TransCapital
  • US Bank Community Development Corporation
  • Wachovia, a Wells Fargo Company
  • Wachovia Regional Community Development Corporation
  • Wells Fargo
  • Woori America Bank
Supporters as of December 31, 2012
  • The Aaron and Lille Strauss Foundation
  • Advanta Foundation
  • The Allen Hilles Fund
  • Alvin and Fanny B. Thalheimer Foundation
  • The Annie E. Casey Foundation
  • Arthur L. and Geraldine L. Schneeberg Foundation
  • Baltimore Community Foundation
  • Barra Foundation
  • The Elaine & Vincent Bell Foundation
  • Bread and Roses Community Fund
  • Butler Family Fund
  • Calvert Social Investment Foundation
  • The Charlesmead Foundation
  • Claneil Foundation, Inc.
  • The Coleman Foundation
  • Community Foundation of New Jersey
  • Cordish Family Fund
  • The Douty Foundation
  • The Drumcliff Foundation
  • The F. B. Heron Foundation
  • The Ford Foundation
  • France-Merrick Foundation
  • The Fund for Change
  • George Soros Open Society Institute
  • Gunst Charitable Foundation
  • Hoffberger Family Fund
  • Hoffberger Foundation
  • Jacob and Hilda Blaustein Foundation
  • Robert Wood Johnson Foundation
  • The Kresge Foundation
  • The John D. and Catherine T. MacArthur Foundation
  • Lawrence M. and Ellen A. Macks Family Fund
  • Louise D. and Morton J. Macks Family Foundation
  • The Morris Goldseker Foundation of Maryland
  • Children of Harvey M. and Lyn P. Meyerhoff Philanthropic Fund
  • Nathan Speare Foundation
  • The Osprey Foundation
  • The Patricia Kind Family Foundation
  • The Pew Charitable Trusts
  • Phoebe W. Haas Charitable Trust
  • PNC Foundation
  • The Presbyterian Foundation for Philadelphia
  • Prudential Community Resources, Social Investment
  • Prudential Foundation
  • Rolins-Luetkemeyer Foundation, Inc.
  • Samuel S. Fels Fund
  • The Rouse Company Foundation
  • The Schiro Fund
  • The Shelter Foundation
  • Sherman Family Foundation
  • The Aaron Straus and Lillie Straus Foundation, Inc.
  • Task Foundation, Inc.
  • T. Rowe Price Associates Foundation
  • The Vera I. Heinz Endowment Fund
  • van Ameringen Foundation, Inc
  • Wachovia Regional Foundation
  • Walter P. Harris Foundation
  • William Penn Foundation
  • The Zanvyl and Isabelle Kreiger Fund
Corporate, Civic & Government
Supporters as of December 31, 2012
  • 1260 Housing Development Corporation
  • Amalgamated Abstract Company of Pennsylvania, Inc.
  • Archon Group, LP
  • Brophy & Reilly LLC
  • Bucks County Housing Group
  • College of Notre Dame of Maryland
  • Columbus Property Management
  • Commons & Commons LLP
  • Community Design Collaborative of AIA Philadelphia
  • Community Development Financial Institutions Fund
  • Cooke & Bieler, Inc.
  • Crozer-Keystone Health System
  • Customized Energy Solutions Ltd.
  • DLA Piper US, LLC
  • Enterprise Community Partners, Inc.
  • Fair Housing Council of Suburban Philadelphia
  • Fourth Street Access LP
  • Frontiers International Philadelphia Club
  • Hispanic Association of Contractors & Enterprises
  • Housing Alliance of Pennsylvania
  • Housing Partnership Fund, Inc.
  • Howard County General Hospital
  • International Brotherhood of Electrical Workers
  • Johns Hopkins University
  • Kaplan & Associates, Inc.
  • LaSalle University
  • Legg Mason, Inc.
  • Living Cities Catalyst Fund LLC
  • The McLean Contributionship
  • Maryland Department of Housing and Community Development
  • Metropolitan Career Center
  • Monarch Community Development Fund, LLC
  • New Jersey Housing and Mortgage Finance Agency
  • New Society Publishers
  • North Philadelphia Financial Partnership
  • Northeast American Construction
  • Neptune Township
  • Opportunity Finance Network
  • Page Mark Communications
  • Paine Webber
  • Panama Street Fund
  • Pennsylvania Community Development Bank
  • Pennsylvania Department of Community and Economic Development
  • The Philadelphia Chapter of the American Institute of Architects
  • The Philadelphia Contributionship
  • Philadelphia Parent Child Center
  • Philadelphia War Tax Resistance/War Resisters League
  • Philadelphia Workforce Development Corporation
  • Polis Holding Group, LLC
  • The Pyramid Development Group
  • The Prudential Insurance Company of America
  • Regional Council of Neighborhood Organizations
  • Rotary Club of Swarthmore
  • Safeguard Scientifics, Inc.
  • Sandcastle Strategy Group
  • St. Joseph’s University
  • S.M. Jenkins & Co.
  • U. S. Department of the Treasury — Small Business Lending Fund
  • U.S. Trust Company
  • The University of Pennsylvania
  • Verizon
  • Vistra Partners, LLC
  • V. Lamar Wilson Associates, Inc.
  • Walnut Thompson, LP
  • Westrum Urban Opportunity, LP
  • Widener University
  • William M. Mercer, Inc.
  • W.S. Cumby and Son, Inc.
Grants & Contracts
Supporters as of December 31, 2012
Grant Support CY 2012
  • The Annie E. Casey Foundation
  • Baltimore Integration Partnership
  • Bank of America
  • Berwind Fund
  • Campbell Soup
  • The Charlesmead Foundation
  • Citibank
  • Contributions
  • Empower Baltimore Management Corporation
  • The F. B. Heron Foundation
  • Honeywell
  • HSBC Bank USA, NA
  • The Kresge Foundation
  • JPMorgan Chase
  • Maryland Department of Housing and Community Development
  • Opportunity Finance Network — Create Jobs 4 USA
  • Philadelphia Industrial Development Corporation — EnergyWorks
  • Robert Wood Johnson Foundation
  • The Rouse Company Foundation
  • Surdna Foundation
  • Tides Foundation
  • U. S. Department of Health and Human Services
  • U. S. Department of the Treasury (CDFI Fund)
  • Wells Fargo
  • William Penn Foundation
Major Contracts CY 2012
  • Albright College, Reading MVA
  • Brookings, Michigan Innovation District Initiative
  • Campbell Soup Company, Childhood Obesity & Hunger Strategic Planning Design
  • City of Houston, MVA Study
  • Cloudburst (HUD TA Services), Detroit MVA
  • Cloudburst (HUD TA Services), Sacramento TA
  • Cooper Plaza, Investment Mapping
  • HUD, NSP Investment Cluster (NIC) Reports
  • Jessie Ball DuPont Fund, CDFI Demand and Market Analysis
  • JP Morgan CDFI Demand and Market Analysis
  • JP Morgan Chase
  • JP Morgan Chase — Maryland Food Study
  • LISC and Greater Milwaukee Foundation, Milwaukee MVA
  • Maryland Department of Housing and Community Development
  • Pennsylvania Humans Relations Commission (PHRC), Fair Housing Analysis
  • Philadelphia Redevelopment Authority, NSP Evaluation
  • Washington Lawyers Committee for Civil Rights and Urban Affairs, Fair Housing Analysis
  • Well Fargo Regional Foundation, CDC Training and Capacity Building

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