Preservation of affordable housing has been a core of Mission First’s operations since our founding. By using existing assets and infrastructure, preservation is one of the most efficient ways to provide affordable housing across the Mid-Atlantic. But funding preservation can sometimes be more difficult than funding new development. Because of this reality, Mission First is extremely pleased to have recently received over $9 million for preservation efforts in Philadelphia!

The City of Philadelphia awarded Mission First $6 million for preservation of four projects: Mid-City Apartments in Center City, two housing developments in West Philadelphia and another in Kensington. These funds will help us undertake needed renovations including replacement of major systems and cosmetic upgrades as well as converting existing SRO apartments in Mid-City Apartments to mini-efficiencies with their own bathroom and kitchen. All told, these dollars will help preserve 147 units of existing affordable housing in Philly and ensure long-term stability of these apartments.

Philadelphia, and many urban and suburban areas across the country were facing a housing stability crisis before the pandemic. However, the health emergency has made residents even more vulnerable and destabilized affordable housing assets. Prior to the pandemic, the City of Philadelphia’s Housing Action Plan predicted that at least 34,000 units of affordable housing in the city must be preserved by 2028 to avoid mass displacement. While systemic changes are needed to address the lack of affordable housing throughout the country, we are doing our part to stabilize and preserve affordable housing in Philadelphia, particularly in resource-rich, transit accessible areas where the cost of living is increasing.

We’re also pleased to receive $3.25 million from Federal Home Loan Bank of New York (FHLB NY) for preservation work. Part of this funding will also be used to fill capital gaps at Mid-City Apartments in Center City, speeding the preservation process. The remainder will be used to fund preservation of Parkside, 82 apartments spread across multiple historic 19th century buildings near Fairmount Park in West Philadelphia.

Affordable housing requires ongoing maintenance and upkeep to ensure these assets remain safe, sustainable and affordable. Funding for preservation projects like these help stabilize and secure high-quality affordable housing.

We’re proud to be a leader in preservation of affordable housing, and thankful to FHLB NY and the City of Philadelphia for funding preservation of over 200 affordable apartments in Philadelphia. We look forward to continuing our important preservation work in the years to come.