Chester County Preservation Initiative
70 S. Third Avenue, Coatesville, PA; 330 E. Lincoln Highway, Coatesville, PA; 601 Downingtown Pike, West Chester, PA
Number of Units
97
Year Developed
2023
Development Costs
$20,447,288
Goal
Preservation of 97 units of affordable housing
Description
Mission First Housing Group and Housing Development Corporation MidAtlantic (HDC MidAtlantic) were selected by the Housing Authority of Chester County (HACC) to recapitalize three existing affordable housing properties previously controlled by HACC. The joint venture between Mission First and HDC MidAtlantic is a unique structure between two experienced and mission based, nonprofit developers
The Chester County Preservation Initiative (CCPI) consists of three properties, Hannum Gardens in West Chester, serving families, and Washington House Apartments and Ash Park Terrace in Coatesville, serving seniors and disabled populations. The recapitalization of CCPI preserved quality housing using the Rental Assistance Demonstration (RAD) program and 4% LIHTC tax‐exempt bonds. Through RAD and existing project‐based subsidies, residents pay no more than 30% of their income towards rent.
The renovations focused on improving energy efficiency with conversion of exterior lighting to LED, upgrades of interior and exterior lighting fixtures to ENERGY STAR components, transition of appliances to ENERGY STAR models, upgrades to HVAC systems to meet ENERGY STAR standards, and the replacement of existing windows with new ENERGY STAR windows. Water saving features were added and kitchens and bathrooms were improved to enhance the quality of life.
Mission First’s affiliate, Columbus Property Management & Development, Inc. served as the general contractor, and HDC MidAtlantic is the property management agent and supportive services provider.
The total development cost of the project was $20.4 million, including $7.9 million for acquisition and $7.9 million in rehabilitation costs. Sources of financing include a $6 million seller note, $6.6 million permanent mortgage from JP Morgan Chase, $100,000 of Mission First Capital Magnet Funds, and $6.5 million from the syndication of Low Income Housing Tax Credits.