Download: Marino, Dennis R
Summary
The purpose of this paper is to present an analysis of the Philadelphia Mortgage Plan (PMP), a cooperative effort initiated in October 1975 by the following financial institutions: Philadelphia Savings Fund Society, First Pennsylvania Bank and Philadelphia National Bank. MP was designed to adjust the lending policies and practices of participating institutions in order to provide conventional home mortgage financing through out the city of Philadelphia to creditworthy individuals, especially those individuals seeking to purchase single family property in older residential neighborhoods. A PMP mortgage is defined as a mortgage of $15,000 or less. In an era where there is an increasing realization that the revitalization of the inner city primarily depends on the initiative of the private sector, this paper presents a case study of a private sector reinvestment effort initiated without government participation or subsidy. This paper is designed to provide planners and neighborhood advocates with ideas for motivating the private sector in various cities to engage in investment activities intended to ameliorate inner city disinvestment.
Download
The Philadelphia Mortgage Plan: Testing Traditional Perceptions of Inner-City Lending
