READING, Pa. — A project that aims to bring more than 45 affordable apartments to Reading is closer to becoming a reality.
Low-income housing tax credits worth $17 million are pushing forward a project to make a building at South Sixth and Chestnut streets into affordable housing for seniors. The move comes one year after the state kicked in $1 million in grant money.
“We actually have 12 different funding sources to be able to make up the entire picture of the whole financial landscape, so it takes quite a bit of coordination with partners and financial partners and foundations in order to make the full capital stack,” said Kimberly Krauter, senior vice president of real estate development for HDC MidAtlantic.
The plan for the building will be to create 46 apartments for seniors — 39 one-bedroom and seven two-bedrooms — ranging in cost from around $260 to just less than $1,200 for rent. Organizers said it will be close to two and a half years before the project gets to the move-in-ready stage.
QuadCopter 69 | Chad Blimline
“We are ready to start to get to the closing table, but this is an extremely complicated financial transaction, and so it does take time to close on the financial portion of this in order to begin the construction,” said Krauter.
All across Pennsylvania, the need for affordable housing is dire. Previously, some proposals that looked to address the affordable housing crisis in the area weren’t able to get off the ground.
“It is critical that we are making sure that we continue to provide housing, to continue to invest in the housing stock that currently is here and continue to maintain as much affordability as possible to even try to make a dent in the need,” Krauter added.