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Universal Launches $100M South Philly Revitalization Effort

PHILADELPHIA-In partnership with the city, Fannie Mae and local lenders, the

By Marita Thomas | Updated on April 27, 2003

PHILADELPHIA-Locally based Universal Cos. is spearheading a partnership among the city, Fannie Mae, Citizens Bank and other local lenders to launch a four-year plan to revitalize the neighborhood between Bella Vista and Queen Village, just south of Center City. The area encompasses about 70 square blocks west of Broad St. and south of South St.

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.

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