Number of Units

32

Year Developed

2013

Development Costs

$10.96 Million

Goal

Preservation of 6 historic buildings for affordable housing

Description

These buildings were renovated and placed in service as affordable housing in 1992. The original developer mismanaged the project and upon expiration of the initial compliance period, Mission First Housing Group was asked to manage the property to facilitate its preservation and redevelopment. At that time, a large number of units were vacant and even more were in disrepair. Although Mission First Housing Group worked to repair the units, the project was in poor physical condition and at risk of being lost as an affordable housing resource without substantial rehabilitation and recapitalization.

 

Thanks to an allocation of Low Income Housing Tax Credits from PHFA, these 32 units of affordable housing will be preserved. The equity generated by the tax credits will fund a major rehabilitation of the project along with the addition of a common room, laundry facility, management office and additional handicap accessible units. The area surrounding the development is the focus of numerous community-planning and redevelopment efforts, and this project will create a tangible symbol of community revitalization.

 

The “LEED® Certification Mark” is a registered trademark owned by the U.S. Green Building Council® and is used with permission.

Award

PACDC Blue Ribbon Awards: 2013