The $100-million initiative will create 400 affordable housing units. They encompass renovation and construction of both multifamily and single-family, rental and purchasable homes.

Kenneth Gamble, a music composer and producer who hails from the South Philadelphia neighborhood that this initiative targets for renewal, founded Universal in 1993 to provide services to rebuild urban areas. Universal will leverage $100 million in investments and financing for the construction and renovation of homes and apartments in the program and oversee the project, which is expected to take place over the next four years.

The funding will come from the Collaborative Lending Initiative, which is the subsidiary of The Reinvestment Trust that provides capital for low- and moderate-income developments. The locally based regional office of Fannie Mae, through its American Communities Fund, and Citizens Bank will each purchase a one-third participation interest in the loans originated by CLI.