Real Estate

Pennrose JV Begins Public Housing Redevelopment

Image courtesy of ArtisticOperations via Pixabay
Image courtesy of ArtisticOperations via Pixabay

A joint venture between Pennrose and Allentown Housing Authority has broken ground on the two-phase redevelopment of the Little Lehigh public housing complex in Allentown, Pa. Following the revamp, the 1970s-era property will become an amenity-rich, 95-unit affordable community. The project’s Phase I is slated for completion in 2023.

Phase I consists of the demolition of the nine existing structures and the construction of five new buildings encompassing 50 one-, two-, three- and four-bedroom units. Common-area amenities will include a playground, a 3,200-square-foot community building and a Head Start classroom. The property will also feature supportive services, as well as recreational and educational opportunities.

Located at 700 Union St., the site is close to the Allentown city center, having many dining options, retail spaces and entertainment venues in the proximity. Allentown Queen City Airport, St. Luke’s University Hospital and Leigh University are within a 4-mile radius.

Project financing includes LIHTC equity, City of Allentown HOME and HOME-ARP funds, Lehigh County Affordable Housing Trust funds (AHTF) and Allentown Housing Authority financing, as well as funds from the Pennsylvania Housing Finance Agency (PHFA), Redevelopment Assistance Capital Funds (RACP) from the Commonwealth of Pennsylvania and permanent debt from PHFA. Hudson Housing Capital is the project syndicator, while Santander Bank is the investor and provider of construction financing.

Pennrose, in a partnership with Northsiders Engaged in Sustainable Transformation, has recently completed a 57-unit affordable senior community in Cincinnati’s Northside neighborhood. The project had received $13 million in LIHTC financing.

Source link