Regional Housing Legal Services’ (RHLS) client NewCourtland Senior Services celebrated the opening of the second phase of its LIFE program and senior housing development initiative, the Philadelphia Senior Center at Allegheny (PSC-Allegheny).
Located at the intersection of 19th Street and Allgheny Avenue in North Philadelphia, PSC-Allegheny is located next door to the NewCourtland LIFE Allegheny Center, which provides 60 units of housing for low-income seniors. The new senior center will include a variety of activities available for residents of the apartments next door, as well as healthcare and supportive services for seniors living in surrounding ZIP codes, in addition to 45 more units of housing.
RHLS Deputy Director and Senior Attorney for Multi-Family Housing, Dina Schlossberg, and Director of Economic Development, Laura Schwartz worked with NewCourtland on both phases of the project, assisting the organization in identifying innovative funding sources.
The first phase of the project utilized a traditional 9 percent Low-Income Housing Tax Credit (LIHTC) deal structure, the second phase was funded with a 4 percent LIHTC bond deal. Though 4 percent LIHTC deals must use additional subsidy, the greater availability of the tax credit has the potential to provide support for projects that otherwise may not have access to the 9 percent LIHTC deal due to allocation caps.
RHLS hopes to continue to build expertise in representing organizations using 4 percent LIHTC deals, with the goal of creating additional opportunities for the creation and preservation of both housing and community-based services. Other 4 percent LIHTC deals that RHLS has provided counsel for include Wynnefield Place, Fairthorne Apartments, and Inglis Gardens at Belmont.
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