National Housing Trust Case Study: Skyview Park Apartments
Case Study: Skyview Park Apartments
NHT/Enterprise, in partnership with Evergreen Partners, a for-profit real estate development company based in Portland, ME, acquired Skyview Park Apartments in Scranton, PA, and completed more than $8 million in renovations.
Built in the early 1970s, the facility was constructed with financing from two federal housing programs – Section 236 and project-based Section 8 programs. By 2006, Skyview Park’s affordability restrictions were set to expire. Although almost fully occupied the apartments were in dire need of rehabilitation.
In July 2009, NHT/Enterprise reopened the property, which is home to 188 low- and moderate-income families and senior citizens. Before and since the renovations, residents have not had to pay more than 30 percent of their income toward rent under the Section 8 program.
Skyview Park’s renovation project sought to reduce energy use and conserve water by installing Energy Star – approved appliances and heating air conditioning systems, energy – efficient lighting, low-flow toilets and faucets, and programmable thermostats. These improvements have already resulted in cost savings for tenants and more stable rental housing through lower operating expenses. A comparison of utility costs during comparable six-month periods before and after the renovation shows a 24 percent reduction in expenses.
The support of many partners made the preservation of Skyview Park Apartments possible. The U.S. Department of Housing and Urban Development (HUD) approved a 20-year Section 8 contract. The Pennsylvania Housing Finance Agency provided acquisition and rehabilitation financing through an allocation of scarce low-income housing tax credits and a soft loan through its PennHMES Program. Critical gap capital was also provided by the City of Scranton, Lackawanna County, and the Pennsylvania Housing and Redevelopment Assistance Program. In addition, the Harry and Jeannette Weinberg Foundation helped construct a community center.
Skyview Park demonstrates that affordable multifamuily housing can be preserved and made more energy efficient, sustainable, and sanitary for low-income families while reducing energy expenses. NHT looks forward to future opportunities to preserve and improve affordable rental housing in Pennsylvania, New Jersey, and Delaware.
For Information, contact Michael Bodaken at 202-333-8931, ext. 111 or email@example.com or Todd Nedwick at 202-333-8931, ext. 128 or firstname.lastname@example.org; www.nhtinc.org.