PHILADELPHIA--(BUSINESS WIRE)--Congressman Chaka Fattah (PA-2) announced today that a group of banks is making a total of $3 million in grants available to complete more than 400 additional units of lower-income housing in the city.
The grants, made under the Federal Home Loan Bank (FHLBank) of Pittsburgh’s Affordable Housing Program (AHP) with the assistance of Beneficial Mutual Savings Bank, Citizens Bank of Pennsylvania, Firstrust Savings Bank and PNC Bank, N.A., will help provide 418 units of housing for the homeless, the elderly and the disabled, as well as mentally challenged individuals.
Since 1990, AHP has now awarded approximately $46 million in AHP grants for 191 projects that have created more than 6,000 units of housing for low- or very-low-income residents in the City of Philadelphia and supported $737 million in housing-related development.
Statewide, AHP has awarded approximately $141 million in grants for 786 projects that have created more than 22,000 units of housing.
“For more than two decades, FHLBank Pittsburgh has worked with public and private partners to create thousands of much-needed lower-income housing units in Philadelphia’s neighborhoods,” said Congressman Fattah. “Today we celebrate that more than 400 new units will be available for the individuals and families in our community who need it most: the homeless, disabled, mentally ill and elderly. Collaborating with the Federal Home Loan Bank to bring more affordable, accessible housing to our community remains one of my most important and successful partnerships in Congress. Together, we will continue to make great progress in meeting Philadelphia’s housing needs.”
Today’s grants were awarded in a ceremony at Depaul House, a part of Depaul USA, at which the congressman served as keynote speaker. Also speaking at the event were Winthrop Watson, president and CEO of FHLBank Pittsburgh, and Charles Levesque, executive director of Depaul USA.
As an intermediary between global capital markets and local lenders, FHLBank Pittsburgh provides readily available liquidity, as well as affordable housing and community development opportunities, to member financial institutions of all sizes in Delaware, Pennsylvania and West Virginia. The Bank is one of 12 banks in the Federal Home Loan Bank System, which was established by Congress in 1932 and serves as a reliable source of funds for housing, jobs and economic growth in all economic cycles.
“We are pleased to once again be working with our local partners to bolster the stock of clean, affordable housing in Philadelphia and to be able to have Congressman Fattah join us for this event,” said FHLBank’s Watson.
Projects Receiving Funding:
Catharine House
Philadelphia, Pa.
Member:
PNC Bank, National Association
Sponsor:
Citizens Acting Together Can Help Inc.
Units: 12
AHP Grant: $300,000
Total Development Cost: $335,000
Citizens Acting Together Can Help Inc. is conducting needed renovations to their 12-bed transitional housing program located at 756-58 South 16th Street in Philadelphia. The facility, Catharine House, provides transitional housing to meet the residential and rehabilitation needs of the chronically mentally ill and those with multiple disorders. The project will include renovations to the bathrooms, kitchens and bedrooms, as well as repainting the building's exterior. A fire stairway will also be installed to meet updated building code requirements. Where feasible, ENERGY STAR® compliant products will be utilized in the renovations.
Haddington III
Philadelphia, Pa.
Member:
PNC Bank, National Association
Sponsor:
ACHIEVEability
Units: 49
AHP Grant: $500,000
Total Development Cost:
$5,992,902
ACHIEVEability’s Haddington III project, in West Philadelphia, involves the re-syndication and preservation of 49 single-family homes initially funded with low-income housing tax credits and made available to households at or below 50 percent of the area median income. When the units were built in the 1990s, Haddington I consisted of 21 newly constructed homes used for transitional housing, while Haddington II consisted of 28 rehabilitated homes used for permanent housing. Haddington III will rehabilitate and recapitalize the now-combined 49 units to address their physical needs and create an operating budget that properly aligns with the use of the homes. All major systems, plumbing, flooring, windows, roofs, fixtures, appliances and interior and exterior finishes will be replaced. Any unit with subpar electrical service will be upgraded, and new wiring will be installed throughout each unit. Energy efficiency and water conservation will also be key components of the upgrades, with each unit receiving low-flow water fixtures and energy-efficient appliances.
The Lofts at 2601
Philadelphia, Pa.
Member:
PNC Bank, National Association
Sponsor:
VOADV Property Inc.
Units: 58
AHP Grant: $500,000
Total Development Cost:
$9,808,501
VOADV Property Inc. will rehabilitate and preserve 2601 North Broad Street in Philadelphia, more commonly known as Station House, as an affordable housing resource for homeless individuals with mental health disabilities and incomes below 30 percent of the area median income. The project will create 58 efficiency units, each containing 400 to 600 square feet of living space, as well as on-site parking, elevators, a community room, staff offices and common area laundry facilities. There will be six accessible units, and all units will be equipped with central air conditioning, refrigerators and stoves. Residents will have access to employment opportunities, social supportive services and medical facilities at nearby Temple University Hospital, as well as in the broader region via an extensive public transportation system with a major station stop adjacent to the property.
Park Tower
Philadelphia, Pa.
Member:
Citizens Bank of Pennsylvania
Sponsor:
Ralph A. Falbo Inc.
Units: 156
AHP Grant: $500,000
Total Development Cost:
$20,769,484
Park Preservation Limited Partnership, a joint venture of Beacon Communities Corp. and Ralph A. Falbo Inc., will acquire, renovate and preserve the affordability of Park Tower, a 156-unit residence for elderly and disabled individuals in the Wynnefield Heights neighborhood of Philadelphia, Pa. The renovations will include bringing the building up to current life-safety standards; replacing HVAC systems, electrical, elevators, roof and windows; improving unit amenities (new kitchens, baths and lighting) and reconfiguring common areas to better accommodate supportive service programming.
Partnership Preservation Initiative
Philadelphia, Pa.
Member:
Firstrust Savings Bank
Sponsor:
1260 Housing Development Corporation
Units: 92
AHP Grant: $394,588
Total Development Cost:
$16,309,885
1260 Housing Development Corporation will rehabilitate 92 units of housing across 22 buildings in Philadelphia, Pa. The project, known as the Partnership Preservation Initiative (PPI), will include electrical systems upgrades to meet modern code standards, enhancements to improve marketability and residents' quality of life and energy-efficiency improvements. PPI will serve low- and very-low-income families and individuals, including chronically mentally ill individuals and formerly homeless persons. Residents with special needs will receive a comprehensive support service package that will allow them to live as independently as possible.
St. Raymond’s House
Philadelphia, Pa.
Member:
Beneficial Mutual Savings Bank
Sponsor:
Depaul USA Inc.
Units: 27
AHP Grant: $299,049
Total Development Cost:
$2,516,449
St. Raymond’s House will be located in the East Mount Airy neighborhood of Northwest Philadelphia, in the former convent of the St. Raymond of Penafort’s Parish. The rehabilitation project will include the conversion of an existing three-story building, built in 1953, into 27 single-occupancy units for homeless men and women with disabilities. Each residential floor will have shared restrooms, kitchens and common areas. Depaul USA will provide case management, supportive services, education, financial literacy, transportation, and life skills training to residents. Collaboration with Jefferson University Hospital will ensure that residents also receive primary care services to stabilize their health needs.
Tioga Family Center
Philadelphia, Pa.
Member:
PNC Bank, National Association
Sponsor:
Gaudenzia Foundation Inc.
Units: 24
AHP Grant: $500,000
Total Development Cost:
$6,008,435
The Tioga Family Center will expand the supply of critically needed stable, substance-free, affordable family housing and create a comprehensive approach to family stabilization through on-site community services to break the cycle of poverty and addiction and transition households successfully from treatment to independent living. The new construction project will include 24 units, service and management offices, and a community room. The site is located in the Tioga neighborhood and is conveniently located close to public transportation, shopping, health facilities, social services, schools and other community institutions.
