FIRST-EVER FUND TO ENCOURAGE LANDLORDS TO REINVEST IN ALLENTOWN CREATED
Media Contact: Alan Jennings (610) 248-9900
CACLV Partners with TD Bank on Innovative Initiative
The Community Action Lehigh Valley will hold a press briefing on Tuesday, November 19th, to announce a significant new tool to continue the revitalization of the neighborhood just northwest of the Neighborhood Improvement Zone in center-city Allentown. TD Bank representatives will join with Community Action to detail a new fund created with the bank to encourage apartment owners to make improvements to their center-city investments. The press conference will take place at 1:30 PM at 220 North Tenth Street in Allentown.
The project is another resource for improving the housing stock and the economic vitality of the neighborhood. In October, the agency announced its “priority block” initiative in which significant resources will be focused on one key block with the intention of stimulating investment in nearby properties. This project is the first to assist investors with maintaining their tenant-occupied buildings. Historically, the Lehigh Valley’s urban communities have focused all of their programs on homeownership. Allentown remains committed to that goal. However, the city cannot allow its housing stock to deteriorate and diminish the appeal of that housing on the market.
Community Action operates a wide range of programs designed to improve the quality of life for low-income people in the region. Those programs include the Second Harvest Food Bank, the Sixth Street Shelter, housing initiatives like homeownership counseling and foreclosure mitigation, rehab, and new construction. The agency operates entrepreneurial programs that make loans and offer small business training. It also does extensive neighborhood revitalization work in downtown Allentown, south Bethlehem and the Slate Belt, ranging from façade improvements and creating pocket parks to planting trees and streetscaping. Only 32% of its budget comes from government funding, a proportion without equal among more than 1,000 Community Action Agencies in the nation.
# # #