A housing project in Reading has been awarded a $1.7 million tax credit to support affordable housing for older residents.
State Rep. Manuel Guzman announced Friday that the proposed development, Cornerstone Apartments, received low-income housing tax credits from the Pennsylvania Housing Finance Agency to support construction of 46 units for residents ages 62 and older.
Guzman emphasized the importance of affordable housing in the district and highlighted the impact of the Cornerstone Apartments at Sixth and Chestnut streets. These tax credits will be allocated annually over 10 years, potentially generating $17 million in equity to support the development of additional affordable housing in Berks County.
“I have been championing increased funding and resources to ensure that seniors and families in our district have access to safe, affordable homes,” Guzman said. “This investment in Cornerstone Apartments is a concrete step forward in meeting that goal and strengthening our community. These units will provide homes for our older residents in Reading, helping them stay connected to the community they love.”
Dana Hanchin, president of the nonprofit developing the project, said HDC MidAtlantic welcomes the support. She called it a milestone for affordable housing in the district.
“We are proud to partner with leaders across government, the private sector, and nonprofit organizations to bring this new senior affordable housing community to Reading,” Hanchin said. “This development demonstrates what can be achieved when we work together to create strong, vibrant communities. We are grateful to Representative Guzman and all our partners for their support in making this vision a reality.”