M&T is proud to announce the financing for the Philadelphia Housing Authority’s (PHA) Westpark Redevelopment, a major mixed income, transit-oriented community now underway in West Philadelphia.

Phase I of the redevelopment includes three projects, Westpark A, Westpark B and Westpark C, which will deliver 327 new mixed income homes, including 190 affordable units supported by Low Income Housing Tax Credits and long-term Rental Assistance Demonstration (RAD) contracts. When fully built, the development will offer approximately 1,000 units spanning deeply affordable housing, workforce housing, and market rate options, along with four acres of new public open space.

The financing package includes a $45.2 million Freddie Mac unfunded forward commitment under the 9% Low-Income Housing Tax Credit (LIHTC) program, a $62.1 million construction loan provided by Drew Kessler of M&T Bank, and a $30.2 million tax credit equity investment from Bob Nichols of M&T Bank, which includes both state LIHTC equity and federal energy credits.

“The need for affordable housing is real and urgent across our footprint, and M&T Bank is committed to being part of the solution,” remarked Lopa Kolluri, Head of Affordable Housing Lending for M&T. “Through a forward-thinking advisory approach, we deploy our full suite of affordable housing financing solutions to meet changing client needs and deliver meaningful, long-term community impact. This partnership with the PHA exemplifies the progress that can be made when the private and public sectors work collaboratively to deliver win-win solutions for our communities.”

“Westpark is exactly the kind of bold, community‑driven redevelopment we’re committed to championing. At M&T RCC, we’re thrilled to help bring new affordable homes and new momentum to West Philadelphia. This groundbreaking is just the start,” said M&T RCC Head of Affordable Housing Platform Sean Cullen.

In addition to the substantial public investment led by PHA, totaling more than $75 million across Phase I, the project will include long-term resident services provided by Eddie’s House, a community organization offering education, job readiness, life skills training, and onsite support for residents across all three buildings.

"Westpark is more than building apartments—it's a community revitalization initiative," PHA President and CEO Kelvin A. Jeremiah said. "... Residents led this process, wanting to make sure that the site will be reconnected to the city streetscape."

As Philadelphia continues to experience rising demand for affordable housing, the Westpark Redevelopment represents a major step toward ensuring long term housing stability and access to opportunity for residents of West Philadelphia. With construction now in motion, M&T Bank, M&T RCC and their development partners remain focused on delivering the first phase of this transformative project and establishing a new model for community centered redevelopment in the city.