Number of Units

60

Year Developed

2023

Development Costs

$16,285,092

Goal

Preservation of 60 units of affordable housing, serving formerly homeless individuals and families

Description

Mission First Housing Group, with its development and supportive service partner, Methodist Home for Children (Methodist), renovated Monument Village, a 60 unit affordable housing development in the Wynnefield Heights neighborhood of West Philadelphia. All units have Project-Based Section 8 (PBV) subsidies from the Philadelphia Housing Authority (PHA), and are occupied by formerly homeless individuals and families. Monument Village has 60 units in 5 buildings, consisting of 27 1, 8 2, 20 3, and 5 4 bedroom units. The project has 6 mobility and 3 hearing/visual accessible units.

 

The preservation of Monument Village ensures the long-term affordability of 60 apartments in West Philadelphia. These PBVs enable Mission First and Methodist to serve many households who are extremely low income. The project houses 30 households from the Philadelphia Permanent Housing Clearinghouse, with services provided by Methodist. There was no displacement among current tenants. Monument Village set aside 20% of units to serve special needs households and 20% of units for homeless households.

 

Today, Monument Village is a thriving community, serving individuals and families with comprehensive social services which foster independence and self-sufficiency in a caring community setting. To ensure its continued viability as an affordable housing resource in the City of Philadelphia, Monument Village replaced or repaired major systems, including HVAC, aesthetic and quality of life improvements, and provided energy efficiency upgrades.

 

The total development cost of the project was $16 million, AHP funds was used for rehabilitation costs. The project was awarded $2,000,000 in Affordable Housing Program funds from the Federal Home Loan Bank of New York and $500,000 from the Federal Home Loan Bank of Pittsburgh, and $1,500,000 from the City if Philadelphia. Additional funding sources include Philadelphia Redevelopment Authority debt, a conventional mortgage, and the syndication of 4% Low Income Housing Tax Credits.

 

Award

NAHRO Award of Excellence: 2006 (Original new construction in 2004)