The government-backed development sits on a dozen parcels that were effectively donated through the Philadelphia Land Bank. The site, a string of grassy lots near the corner of Reno Street, had been vacant for more than a decade.
The units — largely a mix of one-, two- and three-bedroom apartments — will be permanently affordable.
Under a federal housing program, they must be affordable to households earning between 20% and 60% of the area median income. That translates to between $23,880 and $71,640 for a family of four.
“The preference here would be that [residents are] of the community,” said Kathy Desmond, president of HopePHL.
The development was built with the help of low-income housing tax credits, the country’s main mechanism for creating affordable rental housing. Typically administered by state housing agencies, the competitive subsidy is used by housing authorities, as well as private and nonprofit developers, to offset the cost of construction.
After a 15-year compliance period, during which the units must remain affordable, the land will be bought out and owned by Mt. Vernon Manor CDC.
“Then we have a lease with the land for 99 years,” Thorpe said.
A ribbon-cutting ceremony for the project was held Wednesday, but the building won’t officially open for at least another two months.