In South Philly, HUD secretary announces major steps to increase affordable housing

Housing and Urban Development Secretary Marcia Fudge
Housing and Urban Development Secretary Marcia Fudge testifies on Capitol Hill on July 20, 2021, about the role of affordable housing in the context of the proposed bipartisan infrastructure legislation. On Sept. 1, Fudge announced in South Philadelphia major steps to increase affordable housing nationwide. Photo credit Chip Somodevilla/Getty Images
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In South Philly, HUD secretary announces major steps to increase affordable housing
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PHILADELPHIA (KYW Newsradio) — The Biden administration is relaunching the Federal Financing Bank in order to make loans available for affordable residential development. It’s one of several steps that U.S. Housing and Urban Development Secretary Marcia Fudge announced to create more affordable housing.

On Wednesday, Fudge toured St. Rita Place and Cascia Center in South Philadelphia, a 46-unit apartment building for low-income seniors that is under construction at Broad and Federal streets, with help from the Pennsylvania Housing Finance Agency.

The state agency would have a lot more money to bankroll similar projects with the relaunch of the Federal Housing Finance Agency, which Fudge said starts immediately.