MAYOR NUTTER ANNOUNCES $13.4M IN AFFORDABLE HOUSING FUNDING

City Commits to Fund Eight Developments Totaling 388 Homes

 Philadelphia, December 31, 2015 – Mayor Michael A. Nutter announced that Philadelphia has committed $13.4 million to fund eight affordable housing developments. These developments will produce 388 affordable homes.

“Nearly 4,000 affordable homes have been built in Philadelphia since January 2008,” said Mayor Nutter. “These new developments will add another 300 affordable homes to our housing stock and preserve 80 affordable homes.”

The eight projects will further the City’s commitment to serve people with disabilities, adding 86 accessible units to the City’s housing stock.

“Philadelphia desperately needs housing accessible to people with disabilities,” said Mayor Nutter. “These homes will enable 86 people to live more independently.”

The development cost for all eight projects is $118.7 million. The City’s $13.4 million investment will leverage more than $105 million.  The Office of Housing and Community Development (OHCD) selected the developments through a Request for Proposal process.

“These developments are not just about affordable housing,” said Deborah McColloch, director of OHCD. “They will help revitalize the neighborhoods in which they are located.”

The award of City funding is a key step for these developments.

The next step is to apply to the Pennsylvania Housing Finance Agency for Low Income Housing Tax Credits (LIHTC). An “Intent to Submit” for LIHTCs must be submitted to PHFA by January 8, 2016. City funding will strengthen each application.

 

2016 – Low Income Housing Tax Credit (LIHTC) Awards – December 2015

Awarded 9% Credits – City Subsidy

Project Name  Organization  Project Address  # of Units Accessible

Units 

City Subsidy Awarded Development Cost 
GALA – Golden Age Living Accommodations Conifer Realty, LLC 2030 E. Haines St. 62 11 $1,300,000 $16,790,895
Anthony Wayne Sr. Housing Phase III ELON Group (Altman Group) 1701 S. 28th Street 45 8 $1,500,000 $14,748,806
Nichole Hines Townhomes Women’s Community Revitalization Project 400 blk E. Wister St. 35 8 $1,500,000 $13,077,744
AWF Plaza: A Passive House Senior Living Comm. Allegheny West Foundation 2200 blk W. Venango St. 45 16 $1,500,000 $15,701,782
Dauphin House 1400 Dauphin Associates, LLC 1400 blk W. Dauphin St. & 2200 blk N. Carlisle St. 52 15 $815,000 $13,321,581
APM Preservation Project Asociación Puertorriqueños en Marcha N. 6th, N. 7th, N. Marshall & Diamond Sts. 80 12 $1,213,000 $19,607,379
SPECIAL NEEDS
1817 E. York St. Project Home 1817-41 E. York St. 30 6 $3,500,000 $11,607,183
SUBTOTAL $11,328,000 $104,855,370
Awarded 4% Credits – City Subsidy
Project Name Organization  Project Address # of Units Accessible

Units

City Subsidy Awarded Development Cost
Susquehanna Square Community Ventures 2100 Blks. Of N. 15th & 16th, 1500 blk of Diamond 39 10 $2,100,000 $13,907,293
Total     388 86 $13,428,000 $118,762,663

 

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