Specifications include, but are not limited to: The selected Applicant will be responsible for managing assets owned by the City earmarked for its Empowerment Zones Neighborhood Funding Stream. In 1994 Philadelphia received a $79 million Empowerment Zone grant, a federal government initiative to foster economic development in distressed rural and urban communities. Three targeted areas were designated as the American Street Empowerment Zone, North Central Empowerment Zone, and West Philadelphia Empowerment Zone. The federal designation expired in 2009 and the City established the Neighborhood Funding Stream with Empowerment Zone program loan repayments extended by the three community lending institutions, Philadelphia Industrial Development Corporation and other community and economic development entities. The Neighborhood Funding Stream allows the City to continue to support growth in its distressed urban communities. Typically, the City will draw down 5% (of a running three year average) of the investment in order to provide grants and incentives for economic development for the betterment of the residents within the targeted neighborhoods.