realestate

Philly Revitalization Initiative Marks Decade of Home Renovations and Blight Removal

Launched in 2015, the program offers loans to aspiring developers financing real estate projects.

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    Vanessa Latimore inherited two properties in Logan from her father, who was awarded the Purple Heart for his service during the Vietnam War. Determined to restore them, she sought a lender willing to help a first-time developer. That's when she discovered Jumpstart Philly, a training program that offers capital and industry expertise to aspiring real estate developers.

    Jumpstart teaches industry basics, provides mentorship, and offers loans with favorable terms to grow affordable housing in Philadelphia. Since graduating from the program last year, Latimore has renovated one property and is working with the Department of Veterans Affairs to find tenants for a duplex. She plans to finish renovating her second building by the end of the year.

    Over the past decade, Jumpstart has become a pipeline for affordable housing developers, issuing over $60 million in loans for hundreds of residential and mixed-use projects in Philadelphia. The program is now a model for community development in six states, including Pennsylvania, New Jersey, and Delaware.

    Founder Ken Weinstein launched Jumpstart in 2015 to address the need for affordable housing in Philadelphia. With more than 30 years of experience, he created a curriculum and started hosting training sessions focused on renovating vacant properties in Germantown. Today, the program targets middle neighborhoods across the city and beyond, providing loans and mentorship to women and people of color with no formal training.

    As Jumpstart celebrates its 10th anniversary, Philadelphia continues to face an affordable housing crisis. Mayor Cherelle Parker has made housing a top priority and praised Jumpstart for preserving hundreds of homes and empowering residents in the process. Her signature housing plan aims to create and preserve 30,000 units over four years, with the renovated homes through Jumpstart being part of that vision.

Philadelphia cityscape with renovated homes, blight removal efforts, and community development projects.