The Philadelphia Accelerator Fund (PAF) was formally organized in October of 2019, with board appointments made in June of 2020 and the organization’s first full-time executive director hired in October 2022. The creation of PAF was among several recommendations made in the City’s 2018 Housing for Equity Action Plan, developed by civic leaders to address the dramatic shortage of quality affordable housing facing Philadelphia. PAF made its first loan in January of 2023 and its board and staff are committed to filling project financing gaps and providing the critical “but for” financing that makes critical affordable housing development projects economically viable.