Pennsylvania Housing Finance Agency Commits $10,968,211 of Funds and Tax Credits for Apartments in Mercer County and Reading
(HARRISBURG) The Pennsylvania Housing Finance Agency has approved $10,968,211 of loans and tax credits for rental apartment developments in Mercer County and Reading, Berks County. The funding was made available under PHFA’s PennHOMES Multifamily Development and Housing Tax Credit Programs.
When complete, the value of the complexes will total $16,937,364.
JAMESTOWN VILLAGE, READING (BERKS COUNTY)
PHFA committed $9,575,000 of bond financing and $1,000,748 of housing tax credits for the renovation of Jamestown Village, a 32 year old, 275 unit, rental development at 300 Lackawanna Street in Reading.
The PHFA financing will help preserve the ten acre, 260,730 square foot, 16 building site as affordable housing for city residents, and will allow the owners to construct a new 4,200 square foot community building. There are 121 onebedroom and 154 two-bedroom units in the complex, which was originally built in 1972.
The owner hopes that any relocation of current tenants can be handled by moving them to existing vacant units while repairs and upgrades are being made. If off-site relocation is necessary, affected residents will be given an opportunity to return to the development when work is completed.
The New Jamestown Development Company LLC of South Portland, Maine, is the owner. The Architectural Team of Chelsea, Massachusetts, is the architect. Harkins Builders, Inc., of Marriottsville, Maryland, is the general contractor. Preservation Management, Inc., of South Portland, Maine, will provide housing services and manage the property.
Besides PHFA’s financial commitment, SunAmerica Affordable Housing Partners, Inc., will provide the equity contribution of $6,490,117 from its sale of the PHFA’s tax credits.
Replacement value for the completed complex is estimated at $16,065,117.
HERITAGE SQUARE II, MERCER (MERCER COUNTY)
Heritage Square II (formerly called Mercer Senior Housing II) will offer ten newly constructed rental units for persons aged 55 and older in a two-story building on Maple Street in the Borough of Mercer. There will be eight one-bedroom and 2 two-bedroom apartments available, two of which will be specially designed for persons with mobility impairments, and two will accommodate persons with vision or hearing difficulties.
Overall size of the development is 7,379 square feet.
PHFA will provide $331,319 of funds and $61,144 of tax credits to complete the facility, which is being developed by Mercer Housing Limited Partnership II, comprised of the Housing Alliance of Indiana County, Inc., TREK Development Group, Inc., and Community Homebuyers, Inc.
UpStreet Architects, Inc., of Indiana, Pennsylvania, is the architect and Max Construction Company of Saltsburg, is the general contractor. The Mercer County Housing Authority will manage the property and provide services to residents.
In addition to PHFA’s financing, the Mercer County Housing Authority is providing a $213,705 loan to the development. An equity contribution of $327,223 will be made by S & T Bank from the proceeds of tax credit sales. The total replacement cost of the development is $872,247.
The Pennsylvania Housing Finance Agency is the Commonwealth’s leading provider of capital for affordable homes and apartments.