NeighborWorks Capital is pleased to extend a $3,000,000 acquisition loan to New Kensington CDC (NKCDC) for the purchase of multiple properties along East Stella Street in the Kensington neighborhood of Philadelphia, PA.
The funds will be used for the purchase of 14 single-family homes, two 5-unit apartment buildings, six garage bays, and one 30,000 SF warehouse with an attached loading dock. The 24 residential units will be leased as Naturally Occurring Affordable Housing (NOAH) and be rented out to tenants earning between 30% – 60% AMI. NKCDC has significantly increased its real estate holdings and development capacity over the past seven years and, in 2025 alone, created 44 new affordable rental units and 20 affordable homes. This Stella Street portfolio is a rare opportunity for NKCDC to establish a strong residential foothold in the Kensington neighborhood and preserve affordable housing.
NKCDC operates multiple community facilities, community gardens, and outreach programs across Kensington. Part of the larger strategy is to have multiple touchpoints within “Ecosystems of Support”. This portfolio sits in one such Ecosystem, which also includes an Elementary and Middle School System. The $3 million acquisition loan will support NKCDC in acquiring this portfolio and expanding its outreach to residents in the area.
New Kensington Community Development Corporation (NKCDC) is a mission-driven nonprofit in the Kensington Neighborhood of Philadelphia. The organization was founded in 1985 and, over the past 40 years, has focused on vacant land management, affordable for-sale and rental housing, community-driven resources and programming for health and crisis prevention, and community empowerment. Since 2018, the organization has grown significantly. It has acquired and activated over 40,000 square feet of green space through the Urban Agriculture and Economic Development program, prevented over 400 residents from being evicted or foreclosed upon, reached 1,200 individuals through community programming, and 400 individuals through mediations and de-escalation through its Cure Violence Outreach Team.
This is NeighborWorks Capital’s third loan with NKCDC. We are proud to partner with them again as they continue to advance opportunity and economic empowerment for the communities they serve.
