The PRA focuses on planning and developing balanced mixed-use communities to create thriving, well-served neighborhoods.

The Authority's function is to acquire real estate using the power of eminent domain, plan for redevelopment working with private firms, and financing the redevelopment by issuing municipal bonds of the Authority, with the overall objective of eliminating urban blight in the city of Philadelphia, Pennsylvania.

The board has the following members:[2] Anne Fadullon, Chair James J. Cuorato, Vice Chair Cynthia Figueroa, 2nd Vice Chair & Assistant Secretary Duane Bumb, Secretary Rob Dubow, Treasurer The University City Science Center filed a lawsuit to stop the Philadelphia Redevelopment Authority from seizing two parcels of land in the 3800 block of Market Street in West Philadelphia.

On September 28, 2009, the Authority found the Science Center to be in default of an agreement about the two parcels of land, currently used for parking.

From 2012 to 2014, Dupree Studios in the Mantua community of West Philadelphia was the subject of an eminent domain takeover attempt by the Philadelphia Redevelopment Authority, which ended with Dupree keeping his studio.