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Impact Services Corporation: Kensington Corridor Trust

11/14/2019 |

The ongoing commitment of residents and community-based organizations to the Kensington section of Philadelphia has recently been bolstered by significant investments in the neighborhood. At the same time, economic forces associated with city-wide development threaten to change the neighborhood and make it unaffordable and culturally unwelcoming for current residents. Through a partnership with Shift Capital—a nationally-recognized impact developer—Impact Services Corporation will work with neighborhood stakeholders to create an emerging  model for supporting the business corridor based on existing community land trusts. The Kensington Corridor Trust (Trust) will support sustainable and equitable community development through thoughtful real estate acquisition, community engagement, broad local ownership, small business lending and technical assistance. There are a few things that make this initiative different from other economic development efforts. The Trust will be controlled by a board of majority community stakeholders who represent the cultural and socioeconomic diversity of the current neighborhood and will hold and manage the properties.  This community trust also aims to incorporate the commercial corridor, whereas other trusts have typically focused on residential community ownership. Neighborhoods around Philadelphia as well as other cities are watching the development of the Trust model as they consider how to avoid the economic inequality and displacement that often result from rapid gentrification.

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