Economic Development in Latino Neighborhoods
Blank Rome announced today that it will contribute $1 million, $100,000 annually for 10 consecutive years, to the Asociaciõn Puertorriqueños en Marcha, Inc. (APM) as part of a Community Development Corporations (CDCs) tax credit program with the City of Philadelphia. The program, which enables companies such as Blank Rome to give to the community, is designed to help CDCs create plans to improve the neighborhood through community services, crime prevention, education, job training, and neighborhood assistance programs.
The Asociaciõn Puertorriqueños en Marcha has a 35-year history of serving the community through economic development activities and job development projects. The organization works to rebuild the neighborhood and provide housing opportunities for low-income households, as well as to provide social services to the residents it houses. As APM continues to take the lead in fostering community development and economic revitalization programs in Philadelphia, the funding now made available through Blank Rome and the CDC tax credit program will allow it to plan, design and successfully manage its projects.
"We are honored to support the Asociaciõn Puertorriqueños en Marcha through this program to improve the city," said Fred Blume, Blank Rome's managing partner and chief executive officer. "The Asociaciõn Puertorriqueños en Marcha is well known for its efforts in the community and we believe that it has the capacity, vision, and experience to impact affected neighborhoods in a positive way."
Nilda Ruiz, president and chief executive officer of the Asociaciõn Puertorriqueños en Marcha applauded Blank Rome's commitment, "We are extremely grateful and excited that Blank Rome has designated APM for this program, the 10-year promise of funding will noticeably and significantly improve our ability to deliver to the community."
Short-term goals to utilize the funding include a project to attract commercial and industrial companies and to promote additional residential development. APM, with the efforts of the American Street Empowerment Zone, a federally-funded initiative established to foster economic development in distressed rural and urban communities, has commenced on an openspace initiative to create a streetscape that is welcoming to businesses and their clients and invites the residents of the community to shop and stroll.
"APM has an excellent track record and it has been one of Philadelphia's leaders in the creation of affordable housing and commercial developments," said Stephanie Naidoff, city representative and director of commerce for the City of Philadelphia. "We are certain that the Blank Rome-APM partnership through the CDC tax credit program will be of great benefit to the Hispanic community as well as to the City of Philadelphia."
About Asociaciõn Puertorriqueños en Marcha, Inc.
Established in 1971, the Asociaciõn Puertorriqueños en Marcha is a not-for-profit organization created to promote the welfare and empowerment of the Latino and African-American community, as well as low income and other disadvantaged and other disadvantaged residents of the Delaware Valley.