Number of Units

70

Year Developed

2024

Development Costs

$19,465,701

Description

Mission First proposes to recapitalize Hudson Park Towers, an existing affordable housing development consisting of 70 units in York, PA. The four-story brick building, approximately 70,000 square feet, includes 60 one-bedroom units and 10 two-bedroom units. Originally constructed in 1900 as the Diamond Silk Mill, the building was converted to housing in 1989 using an allocation of Low Income Housing Tax Credits from the Pennsylvania Housing Finance Agency. Hudson Park includes a property management office, laundry facilities, on-site parking, and a community room.

 

Hudson Park Towers has experienced normal wear and tear over the last 33 years and has been underperforming due to high utility costs and deferred maintenance. To ensure its continued viability, Hudson Park requires replacement or repair of major systems including the building envelope, aesthetic and quality of life improvements, and energy efficiency upgrades to stabilize operations and improve financial performance. The project will seek certification under the National Green Building Standard, and sustainability features will include Energy Star rated appliances, efficient LED lighting, and plumbing fixtures with water saving models.

 

Hudson Park is located in close proximity to a number of resources in the City of York including supermarkets and big box retailers roughly two to three miles from the site. Hudson Park is less than one mile to the urban center of York, with historic landmarks, retail, offices, cultural venues, and recreational attractions, and along a bus route of York’s local transit system, Rabbit Transit. Mission First is currently working with the Department of Veterans Affairs to house formerly homeless veterans through its HUD-VASH program.

 

The total development cost of the project is approximately $19.4 million, including $5.1 million for acquisition and $9.7 million in rehabilitation costs. Sources of financing $1,000,000 PHARE funds, $600,000 of Mission First Capital Magnet Funds, $900,000 assumed PennHOMES, approximately $650,00 from the syndication of State Housing Tax Credits, and $13.7 million from the syndication of Low Income Housing Tax Credits.