Community Development Corporations Touted in City Hall
Members of the Philadelphia Association of Community Development Corporations and others packed Room 202 in City Hall earlier today to listen to news regarding a new report regarding the economic development of CDCs—which are neighborhood nonprofit groups dedicated to things like organizing, real estate and education.
Among those pieces of information enthusiastically shared from the report: CDCs have had a $5.1 billion impact on the state’s economy in the last two decades, supporting 37,100 jobs and generating $118 million in state tax revenue. Locally, CDCs have helped Philadelphia create 11,600 jobs since 1992 and have invested $2.2 billion into Philadelphia.
“I’m happy to report that that overall economic impact of $2-plus billion dollars in CDC investments in neighborhoods over the last 20 years is, within the city of Philadelphia, $3.3 billion and it continues to ripple forth,” said Lee Huang of Econsult Corporation, who conducted the economic analysis within the report alongside Akira Drake, noting that the investment in Philadelphia often has a large affect on the surrounding state of Pennsylvania. He added that he found CDCs added $30 million in city tax revenues, as well.
“In addition to those investments that lead to affordable houses and rebuild corridors… it is also enriching the city economy, putting people to work and helping the city government generate revenues,” Huang added.
You can read the full report here.