<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2w2DXt_1H6RHmEO00" alt="https://img.particlenews.com/image.php?url=2w2DXt_1H6RHmEO00" width="768" height="512" ><figcaption>Ken Weinstein, founder and president of Jumpstart, speaks at the the November launch of Jumpstart Montco, a loan program for small-scale real estate developers. (Courtesy of Montgomery County)</figcaption></figure>From Philly and the Pa. suburbs to South Jersey and Delaware, what would you like WHYY News to cover? <a href="https://whyy.org/articles/montgomery-county-pennsylvania-jumpstart-real-estate-loan-program/#Section1">Let us know!</a>A Philadelphia-based loan program is expanding to Montgomery County to better assist small-scale real estate developers with renovating local properties and boosting affordable housing supply. Founded by developer Ken Weinstein in Philadelphia’s Germantown neighborhood <a href="https://whyy.org/articles/jumpstart-philly-housing-program-10-year-celebration/">more than 10 years ago,</a> Jumpstart <a href="https://www.npr.org/2024/06/20/nx-s1-5004649/philadelphia-aims-to-create-a-pipeline-of-affordable-housing-developers-with-access-to-capital">trains and mentors aspiring real estate developers</a> and offers low-interest loans to help them renovate properties in their communities. Now aspiring developers <a href="https://www.jumpstartmontco.com/loans/#how-to-apply">can submit loan applications</a> to Jumpstart Montco on a rolling basis to tap into its initial $1.5 million in lending capacity. The funds are available thanks to a $750,000 line of credit backed by HealthSpark Foundation and a matching amount from Jumpstart. Loans are available for renovations and new construction anywhere in the county. Weinstein, Jumpstart’s president, said access to funds is critical to any development project. “We realized that you can train and mentor local residents all we want to become real estate developers, but if we don’t lend them money, we are not helping them,” Weinstein said. “Banks generally won’t lend money to newbie developers. They don’t like to do construction loans, which are messy because of draw requests, and they don’t like to do loans under $200,000, which is mostly what we do.” The Montco loan program builds on Jumpstart’s preexisting training programs in Pottstown and Norristown, which have taught more than 500 people the skills needed to develop real estate. “They’re very excited about us bringing our loan program to Montgomery County, so that their graduates can take advantage of the funding available,” Weinstein said. Graduates of Jumpstart programs receive a half-point off on the interest rate, Weinstein said, but anyone can apply for the loans. Applications, as well as information on interest rates, the training program and how to qualify for a loan, <a href="https://www.jumpstartmontco.com/loans/#how-to-apply">are available online</a>. The program is designed to move “very quickly,” Weinstein said. Applications are reviewed in a day, and no appraisal is required. “We understand that small developers need to compete with medium and large developers who have lines of credit, so we try to run the Jumpstart loan process in a way that they look like cash buyers,” he said. Loans can cover up to 85% of acquisition and construction costs, and fees are included in the loan. Monthly interest payments are deferred until construction is complete. Since its founding, Jumpstart Philly has loaned more than $70 million, Weinstein said, creating a “real impact” <a href="https://whyy.org/articles/jumpstart-germantown-philadelphia-real-estate-program-50-million-loans/">in its initial home in Germantown</a> and beyond. “We’ve seen a lot less blight. We’ve seen a lot of local residents getting involved with improving their own community,” he said. “We’ve seen these small developers create wealth locally that they then put back into their community.” Loan program aims to increase affordable housing in Montgomery CountyJumpstart boosts affordable housing by increasing supply to bring down costs, Weinstein said. To that end, loan recipients must meet certain requirements, including ensuring that apartments and houses that are renovated with the funds remain affordable. Jumpstart Montco will likely focus on Norristown, Lansdale, Pottstown, Willow Grove and other areas of the county in need of affordable housing, Weinstein said. Jamila Winder, chair of the Montgomery County Board of Commissioners, said the initiative will support goals outlined in the county’s <a href="https://whyy.org/articles/upper-merion-church-affordable-housing/">first-ever housing blueprint</a>, launched last May. <figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=38ANzo_1H6RHmEO00" alt="https://img.particlenews.com/image.php?url=38ANzo_1H6RHmEO00" width="799" height="533" ><figcaption>Jamila Winder, chair of the Montgomery County Board of Commissioners, speaks at the the November launch of Jumpstart Montco, a loan program for small-scale real estate developers. (Courtesy of Montgomery County)</figcaption></figure>“Median home prices here rose 47% from 2019 to 2024, and nearly half of renters spend more than 30% of their income on housing,” Winder said at a November commissioners’ meeting. “Teachers, nurses, first responders and young families are being priced out of the communities they serve.” “Jumpstart Montgomery is another way to fix and preserve existing homes and create new homes for different budgets,” she added. “We’ve seen repeatedly that government cannot solve this issue alone. That we need partners in municipalities, nonprofits, developers and more to move forward.” The Montgomery County initiative is Jumpstart’s first lending foray outside of Philadelphia. Weinstein said that he “would very much like to bring this program to Delaware County in the near future.” WHYY is your source for fact-based, in-depth journalism and information. As a nonprofit organization, we rely on financial support from readers like you. Please <a href="https://whyy.org/support-our-journalism">give today.</a></div></body>

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From Philly and the Pa. suburbs to South Jersey and Delaware, what would you like WHYY News to cover? Let us know!. A Philadelphia-based loan program is expanding to Montgomery County to better assist small-scale real estate developers with renovating local properties and boosting affordable housing supply. Founded by developer...

Jumpstart launches Montgomery County loan program for small-scale real estate developers

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From Philly and the Pa. suburbs to South Jersey and Delaware, what would you like WHYY News to cover? Let us know!. A Philadelphia-based loan program is ex

Jumpstart launches Montgomery County loan program for small-scale real estate developers

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