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Affordable/Subsidized,Goverment,Community & non-profit

Higgins & Welch Real Estate has decades of experience in development, sale, valuation and management of Affordable and Subsidized Housing in Philadelphia, as well as other Government related housing matters.

In addition to private market, finance related and individual clients, the principal members of Higgins & Welch Real Estate, Inc has worked with a  variety of government and quasi-government entities, including but not limited to: Department of Housing & Urban Development/Federal Housing Administration, Philadelphia Housing Authority, Philadelphia Redevelopment Authority, City of Philadelphia Department of Public Property, Division of Aviation – Department of Commerce, Philadelphia Industrial Development Corporation, Philadelphia Housing and Development Corporation, Office of Housing & Community Development, Pennsylvania Department of Transportation, Department of Veterans Affairs, Federal Bureau of Investigation and the U.S. Department of Agriculture. Highlighted experience below.

 

PHILADELPHIA HOUSING AUTHORITY

As the Real Estate Broker contracted by The Philadelphia Housing Authority (PHA) since 2003, we have played a critical role in the valuation, development and/or sale of Affordable Housing Communities including Greater Grays Ferry Estates, Lucien E Blackwell Homes, Falls Ridge, Martin Luther King Plaza, Ludlow and several hundred scattered site units.

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Our involvement has assisted PHA to provide safe and decent affordable housing for low-income residents in Philadelphia though sales of their homeownership units and 5C program. In some cases, we have helped transform tenants from PHA’s Public Housing Program (which are rental properties managed and maintained by the housing authority) – into first time homeowners.

On the consumer level, it takes a specific skill set and experience to manage units in the HCV Program. We represent landlords in managing their investment housing portfolio containing rental units in the Housing Choice Voucher (HCV) Program .

 

PHILADELPHIA REDEVELOPMENT AUTHORITY

Our relationship with the Philadelphia Redevelopment Authority (PRA), formerly the Redevelopment Authority of the City of Philadelphia (RDA) began in in the 1990’s completing condemnation appraisals and eventually lead to selection as Broker to sell PRA developed and owned property. More recently Higgins & Welch Real Estate was selected as Approved Broker to sell city owned vacant land through the Vacant Land Program. This program has since been replaced with the Philadelphia Land Bank .

Higgins & Welch Real Estate represented the Philadelphia Redevelopment Authority and several of their reputable, experienced and approved Private Developers in selling a substantial majority of completely renovated homes via The Neighborhood Stabilization Program (NSP).

The City of Philadelphia’s Neighborhood Stabilization Program (NSP) is an innovative opportunity to turn vacant, foreclosed properties into owner occupied dwellings. The City has received funds from The U.S. Department of Housing and Urban Development (HUD) to support this effort, which are managed by the Redevelopment Authority of the City of Philadelphia (RDA).

Philadelphia’s NSP focuses on select neighborhoods throughout the City. These neighborhoods were identified by the City’s Office of Housing and Community Development through a comprehensive process taking into account historic foreclosure data, indications of predatory lending, and the impact of vacant foreclosed homes on the value of residences in the surrounding neighborhoods.

The NSP compliments other initiatives focused on the foreclosure crisis. The City’s first priority is to prevent foreclosure by encouraging residents to participate in the Mortgage Foreclosure Prevention Program. The NSP works with properties that become vacant due to foreclosure. All buyers of NSP homes will also complete eight hours of mortgage counseling.

NSP Homes are affordable and attractive for persons and families seeking to live in Philadelphia. These newly renovated energy efficient homes are available in neighborhoods across the city. They are a terrific value and offered at an amazing price. All homes are ready to move in with brand new systems, energy star appliances and upgraded kitchens and baths.These homes are increasing the value in their respective neighborhoods.

Click here for a full list of homes through the Neighborhood Stabilization Program.

 

NATIONAL COMMUNITY STABILIZATION TRUST

In 2011, Broker Edward A Welch, III  was selected as PA Broker of Record for NCST Housing Services, and the National Community Stabilization Trust (NCST)

The National Community Stabilization Trust is a nonprofit organization working with financial institutions and local housing providers across the U.S. to reclaim neighborhoods hit hard by foreclosure and abandonment. NCST supports neighborhood stabilization by transferring foreclosed properties to local housing providers, who then renovate the homes to create affordable ownership and rental housing for working families. Since 2009, NCST has conveyed more than 16,000 properties to local housing providers.

NCST helps communities pave the path to neighborhood stability through four key activities:

  • Transfer foreclosed properties to local housing providers. NCST’s REO Property Acquisition Program is a systematic, scalable single path for the transfer of foreclosed properties from financial institutions.
  • Provide flexible financing to support local efforts. NCST’s REO Capital Fund aggregates capital from government, philanthropic and social investment sources to support the financing needs of community stabilization programs.
  • Increase capacity and support local collaborations. NCST works with state and local governments, HUD, and local non-profit and private sector organizations to help build capacity to effectively acquire, manage, rehabilitate and deliver REO properties to new owners and renters.
  • Serve as a national voice.  NCST provides a “voice” on behalf of its six sponsor organizations and the broader housing community to solve program, policy and resource issues related to implementing transformative neighborhood stabilization programs.

By creating programs that enable local housing providers to effectively acquire, manage, rehabilitate and sell foreclosed properties, NCST works to ensure the success of community-based strategies to stabilize neighborhoods and that more homeownership and rental housing is made available to low- and moderate-income families.

 

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Higgins & Welch Real Estate is a HUD Approved Selling Broker for the U.S. Department of Housing & Urban Development.

 

DIVISION OF AVIATION- CITY OF PHLADELPHIA

Higgins & Welch was awarded the Real Estate Services Contract with the Division of Aviation in the City of Philadelphia to assist in the airport expansion.

 

 

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