Mission First Housing Group

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Apartments at New Market West

13 N. Salford Street Philadelphia, PA

Number of Units

41

Year Developed

2021

Development Costs

$16,807,657

Goal

Eliminate vacant lot, create affordable housing, create housing near transit

Description

Mission First Housing Group is currently developing the Apartments at New Market West, Phase 2 of New Market West, a 93,000 square foot mixed use, transit-oriented development located near SEPTA’s 60th and Market El stop in the Haddington/Cobbs Creek neighborhood of West Philadelphia. The Apartments will provide affordable workforce rental housing to 41 low income households in a 52,000 square foot, 5-story building. The building will include 28 one-bedroom apartments and 13 two-bedroom apartments. Amenities include a laundry room, mail room, and exercise room, and community room.  The entire building will be sprinklered, fully Visitable, and will meet PHFA’s threshold green building and energy efficiency criteria. In addition, it will achieve a reduced HERS rating and be certified under the 2015 Enterprise Green Building criteria. Six units will be fully accessible, and two units will be equipped for sensory-impaired individuals.

 

Apartments and New Market West will be transformative for the Haddington/Cobbs Creek community. The project will be a significant force in turning the tide of disinvestment that this area has experienced due to the reconstruction of the El over a ten year period. The neighborhood is beginning to experience pressure from the growth and development of University City to the east. New Market West will create an asset that supports long-term residents by creating much-needed affordable housing while spurring private sector investment. It also supports other public-sector investments and will ensure that recent private investment in the area continues.

 

Apartments at New Market West’s total development budget of $16,807,657, includes the following funding commitments:  $2 million from the City of Philadelphia, $500,000 from the ARC of Philadelphia, $555,000 first mortgage from Community Lenders CDC, $375,000 in Affordable Housing Program funds from the Federal Home Loan Bank of Pittsburgh, a $532,733 Sponsor loan, LIHTC equity of $12 million, and deferred developer fee. Mission First’s affiliate Columbus Property Management & Development, Inc. is the general contractor and will provide property management services to the completed project.