Regional Housing Legal Services and People’s Emergency Center (PEC) have worked together once again to create affordable housing for low-income residents of Philadelphia. The newest PEC development, located at 4050 Haverford Avenue in West Philadelphia, will provide 20 units of affordable housing for artists and their families. PEC began planning this development nearly a decade ago, making the groundbreaking a truly momentous occasion.
With the fast-paced development further west forging forward for universities in the area, affordable housing that allows residents to preserve the spirit and cultural make up of the neighborhood are extremely important.
Dina Schlossberg, Deputy Director/Senior Attorney for Multi-Family Housing and Jack Stucker, RHLS staff attorney helped PEC bring this project to fruition. Their services were critical to the deal, as they provided their assistance with the structuring and financing of the development.
Funding for operations is provided by Project Based Vouchers (PBVs) provided by the Philadelphia Housing Authority. As a result of the PBV funding, PEC’s 4050 Apartments will have the long term financial stability needed to house very low-income residents in its one, two, and three-bedroom units. In addition to the PBVs, funding sources for the construction and development of the project include the City of Philadelphia, the Philadelphia Redevelopment Authority, First Niagara Bank, the Boston Federal Home Loan Bank, the Federal Home Loan Bank of Pittsburgh, and Low-Income Housing Tax credits from the Pennsylvania Housing Finance Agency (PHFA), among others.
Keep checking back to see the finished product in early 2017!