The fund, a partnership between TD and CEI-Boulos Capital Management, makes its third investment in an affordable housing project in the city in less than a year.

Philadelphia, PA – July 7, 2026: The 481 CEI-Boulos Impact Fund, a partnership between TD and CEI-Boulos Capital Management, has closed a majority equity investment in the N. 33^rd Street Redevelopment Project, which will convert the Cornerstone Baptist Church property in North Philadelphia’s Strawberry Mansion neighborhood into 44 new units of affordable workforce housing. The project, located directly across from Fairmount Park and its recreational opportunities, will help revitalize a major neighborhood thoroughfare.

Every home will be formally rent-restricted to be affordable to families and individuals earning less than 80% of the Area Median Income (“AMI”) of Philadelphia County, and 52% of the units (23 total) will be formally income-restricted at below 80% of AMI for a period of twenty years. The affordability restrictions are a requirement of the fund’s investment and will be formalized through a deed restriction. Aside from these formal restrictions, many of the units are projected to be rented at affordability levels substantially below 80% AMI.

Located at 2117 North 33^rd Street, the formerly community-run Cornerstone Baptist Church first opened in 1952 but fell into financial distress before the Covid pandemic. The building, originally built to house a synagogue, opened in 1925 and has been vacant for more than five years. The property was recently acquired and will be redeveloped by Select Redevelopment (“SRD”), a Philadelphia-based, vertically integrated development and construction management firm with the goal of making a positive impact on the urban environment through meaningful development projects.

The 481 CEI-Boulos Impact Fund is a $25 million real estate equity investment fund managed by CEI-Boulos Capital Management, with TD as the sole investor. The fund invests in high-impact, community-supported real estate projects within the bank’s Community Reinvestment Act (“CRA”) assessment areas in the Philadelphia metro region, including counties in Pennsylvania, Delaware, and New Jersey. The fund’s social impact advisory board, composed of regional community development leaders, provides input related to the social and environmental impacts of each proposed investment.

The N. 33^rd Street Redevelopment Project is the 481 CEI-Boulos Impact Fund’s second investment in the Strawberry Mansion neighborhood, and its third investment within the City of Philadelphia, all within less than a year. In April, the fund announced its investment in the Diamond Street Affordable Housing Project, located at 2800 Diamond Street, also in the Strawberry Mansion neighborhood. The ground-up development project, which will create 46 units of affordable housing, began construction in May. In September 2025, the fund announced its investment in the Stinger Square Affordable Housing Project, which will create 49 units of housing at 1348 South 32nd Street in the Grays Ferry neighborhood. The Stinger Square Affordable Housing Project is currently under construction and is expected to be completed by Q3 2026, with pre-leasing commencing this summer. Together, the three projects will create a total of 139 new units. In the coming months, the 481 CEI-Boulos Impact Fund will be announcing additional investments in high-impact affordable housing projects across Philadelphia.

The N. 33^rd Street Redevelopment Project will consist of 29 one-bedroom units, 14 two-bedroom units, and one studio apartment.  Projected rents for all units will be affordable at between 59% and 79% of AMI. 24% of the units will be leased to be affordable under 70% of AMI, while 54% of the units will be affordable under 75% of AMI. The project will also accept Philadelphia Housing Authority (“PHA”) Housing Choice Vouchers (“HCVs”) held by tenants who will pay no more than 30% of their income towards rent.

The project will address the affordable housing shortage in the Strawberry Mansion neighborhood, a historically underinvested, redlined, and predominantly minority neighborhood. 51.9% of renters living in the census tract where the project is located are classified as “housing cost burdened,” meaning they spend more than 30% of their income on rent. Meanwhile, 36% of renters in the census tract are classified as “severely housing cost burdened,” meaning they spend more than 50% of their income on rent.

The project is transit-oriented, and the site is located in a walkable area close to four SEPTA bus lines and ten bus stops, providing easy commuting access to Philadelphia’s employment centers, universities, healthcare facilities, and transportation hubs. The project is across the street from Fairmount Park, specifically across from the Mander Playground and Pool and the Fairmount Park Ball Fields, and is also near the Schuylkill River Trail, affording access to outdoor recreation and bike trails.

The N. 33^rd Street Redevelopment Project is focused on environmental sustainability. As an adaptive reuse project that will preserve existing structural elements, the carbon impact of the redevelopment is anticipated to be 50%-75% lower than new construction. The project will employ US EPA Energy Star-rated appliances, high-efficiency electric heat pumps for heating, and the building will be fully electric. The project will meet the 2021 International Energy Conservation Code (“IECC”) energy efficiency guidelines adopted by the City of Philadelphia in January 2026, including high-efficiency heating, cooling, and venting systems. The building envelope, doors, and windows will meet high standards for air leakage and fresh-air introduction requirements. The project includes interior storage for 28 bikes.

“Addressing housing affordability in Philadelphia requires practical, community-driven solutions,” said Hugh Allen, Head of U.S. Commercial Real Estate, TD Bank U.S. “Through our investment in the N. 33^rd Street Redevelopment Project, we’re helping bring much-needed workforce housing to Strawberry Mansion while supporting the redevelopment of a long-vacant community asset. By partnering with experienced local developers, we can help move projects like this forward and expand housing access for working families.”

“CEI-Boulos Capital Management is dedicated to working with local communities to revitalize neighborhoods that have been overlooked or underinvested by supporting impactful developments like the N. 33^rd Street Redevelopment Project, which will bring much-needed affordable workforce housing to the Strawberry Mansion neighborhood,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management. “The 481 CEI-Boulos Impact Fund is proud to be supporting this socially impactful project to bring new life to this important, though long vacant, community asset.”

“Select Redevelopment is excited to be a part of the stabilization and growth of Strawberry Mansion’s workforce housing stock through the redevelopment of the Cornerstone building,” said Select Redevelopment Principal Travis Seal. “As a Philadelphia-based multifamily developer, Select is proud to participate in the renovation of this historic, high-visibility structure and looks forward to being a part of locally-based economic reinvestment in the neighborhood.”

About TD Bank U.S.

TD Bank U.S. is a leading U.S. bank with more than 10 million clients and a network of approximately 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Carolinas and Florida. We support our clients and communities with a full range of retail, small business, and commercial banking products and services. We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services.

TD Bank U.S. is one of the 10 largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J. To learn more, visit www.td.com/us.

TD Bank U.S. is a subsidiary of The Toronto-Dominion Bank, the sixth largest bank in North America by assets. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol “TD.”

About CEI-Boulos Capital Management

CEI-Boulos Capital Management is a real estate investment fund management company focused on delivering both competitive financial returns and social impact. The company serves banks, family offices, and other institutional investors, and has a national scope. Areas of the company’s specialization include Opportunity Zones and the Community Reinvestment Act (CRA). Learn more at www.ceiboulos.com.