Number of Units

64

Year Developed

2020

Development Costs

$16,078,284

Goal

Preservation of 64 units of affordable housing

Description

Mission First Housing Group recapitalized and preserved Sassafras Terrace, a 64 unit affordable housing development in Mount Joy, Pennsylvania. Construction completed in 2020. The development consists of eight 2-story buildings and two 1-story buildings containing 15 one-bedroom units, 34 two-bedroom units, 14 three-bedroom units, and one four-bedroom unit.

 

Converted to residential use in 1991, Sassafras Terrace needed a major capital infusion to maintain this affordable housing resource in Lancaster County. The recapitalization of Sassafras Terrace created accessible units that meet current code, as the buildings currently have none. The renewed Sassafras Terrace creates a community room and an accessible management office in what is now an underutilized maintenance shed. Other critical work included replacement and repair of major systems, upgrades to all apartments including kitchens, bathrooms and flooring, and energy efficiency upgrades to improve operating performance.

 

The total development cost of the project was $16 million, including $2.3 million for acquisition and $9 million in rehabilitation costs. Sources of financing include $1.7 million in assumed PHFA and LCHRA debt, $583,000 in Affordable Housing Program funds from the Federal Home Loan Bank of New York, $500,000 in Affordable Housing Program funds from the Federal Home Loan Bank of Atlanta, $500,000 in deferred and reinvested fee, and $12.6 million from the syndication of LIHTC and historic tax credits. Mission First’s affiliate Columbus Property Management & Development, Inc. was the general contractor and provides property management services to the project.