University, Citizens Bank team up

Penn and Citizens Bank of Pennsylvania announced the details of a $28.5 million, five-year partnership for the development of the University City area at a press conference held in City Hall yesterday afternoon.

Attended by Mayor John Street, University President Judith Rodin, Citizens Bank of Pennsylvania Chairman and CEO Stephen Steinour and U.S. Representative Chaka Fattah, the unveiling of the development initiative was warmly received.

Designed to upgrade housing, expand business opportunities, address neighborhood blight and improve the quality of life for area residents, the University City Neighborhood Improvement Program is focused on addressing the needs of the community by involving many different organizations.

"We believe so fundamentally and so fervently that Citizens Bank's commitment of funding will help finance the neighborhood improvement strategy that is at the heart of all our aspirations for our beautiful community," Rodin said.

To finance acquisitions and development, as well as provide funding for qualified small and micro businesses, $10 million is earmarked for both the Citizens Neighborhood Housing Development Fund and Economic Development Investment.

The Citizens Bank Land Acquisition Pool, which is assisting community development corporations and non-profit groups acquire land for future development, received $1.5 million, as did Home Improvement Financing to fund repairs.

In another attempt to aid community residents, $5 million has been allotted for a Mortgage Loan Allocation that will provide up to 100 percent financing at 0.5 to 1 percent below the market rate for applicants living in low-income census tracts.

In addition, $250,000 will go to an initiative for public safety, neighborhood planning and "Clean and Green" activities run by a Citizens Neighborhood Partnership Fund that will award grants to non-profit organizations. The final $50,000 was given to the University City District to help provide technical assistance for small businesses within University City.

The program covers both residents and businesses stretching from 30th Street to 52nd Street, and from Haverford Avenue to the Schuylkill River.

"Lest anybody believe this is a program for in and around 34th Street, this program goes all the way up to 52nd Street," Street emphasized. "This means it will impact in areas that are not typically viewed as the University City area, for which we are very grateful."

The partnership between the University and Citizens Bank helps to further the same goals set forth in Street's Neighborhood Transformation Initiative.

"This happened because we saw the great work that Judy began years ago with the University of Pennsylvania in starting to transform a neighborhood," Steinour said. "It is only appropriate that I am here under the banner of and proudly reflecting NTI."

The University will be helping to facilitate connections at the community level.

"We have a marvelous neighborhood, a neighborhood full of a fabric of real community assets" Rodin said. "Neighbors have learned so well how to live together and make great things happen."

Citizens Bank is committed to this program, as well as to expanding to other programs throughout the city.

"We're just getting started and we want to do more because being good to the neighborhood is good business," Steinour said.

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