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.\n<\/p>\n
The units \u2014 largely a mix of one-, two- and three-bedroom apartments \u2014 will be permanently affordable.\n<\/p>\n
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.\n<\/p>\n
\u201cThe preference here would be that [residents are] of the community,\u201d said Kathy Desmond, president of HopePHL.\n <\/p>\n
The development was built with the help of low-income housing tax credits, the country\u2019s 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.\n<\/p>\n
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.\n<\/p>\n
\u201cThen we have a lease with the land for 99 years,\u201d Thorpe said.\n<\/p>\n
A ribbon-cutting ceremony for the project was held Wednesday, but the building won\u2019t officially open for at least another two months.\n <\/p>\n","protected":false},"excerpt":{"rendered":"The government-backed development sits on a dozen parcels that were effectively donated through the Philadelphia Land Bank. The…\n","protected":false},"author":2,"featured_media":111560,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[2313,69,71,70,2312,877],"class_list":["post-111559","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-affordable-housing","tag-philadelphia","tag-philadelphia-headlines","tag-philadelphia-news","tag-planphilly","tag-west-philadelphia"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/111559","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/comments?post=111559"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/111559\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/111560"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=111559"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=111559"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=111559"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}