A former industrial building in downtown Reading will soon be transformed into affordable housing for older adults, thanks to a $17 million award in Low-Income Housing Tax Credit (LIHTC) funding.<\/p>\n
HDC MidAtlantic and Landis Quality Living announced the project, named Cornerstone at 6th & Chestnut, which will create 46 affordable apartments for residents aged 62 and older. The redevelopment will include amenities such as a community room with a kitchen, on-site management, and maintenance services, designed to help seniors age in place with dignity and community support.<\/p>\n
The initiative builds on the organizations\u2019 decade-long partnership, which began with the success of Mountain View Terrace near New Holland. \u201cThese dollars will support more than bricks and sticks \u2013 they will support livelihoods and brighter futures for our neighbors,\u201d said Dana Hanchin, President and CEO of HDC MidAtlantic. She noted that in 2024, HDC received a $1 million Local Share Account award from the Pennsylvania Department of Community and Economic Development, as well as $1.5 million in City HOME funding and a $500,000 Santander grant.<\/p>\n
Hanchin credited Funk Construction as \u201can instrumental partner in the development,\u201d highlighting the collaboration that made the project possible.<\/p>\n
Evon Bergey, Executive Director of Landis Quality Living, emphasized the milestone the funding represents. \u201cWe\u2019re excited to continue our partnership with HDC MidAtlantic to expand housing options that support aging with dignity,\u201d she said. \u201cWe are excited to continue creating communities where older adults of all income levels can thrive\u2014physically, emotionally, and spiritually.\u201d Bergey also stressed the need for continued federal support of LIHTC, calling it vital to addressing the housing crisis locally and nationally.<\/p>\n
Ed Kaminski, Director of Real Estate Development for Landis Communities, added that the award through the Pennsylvania Housing Finance Agency makes the project possible. \u201cThe LIHTC funding\u2026 makes it possible to create a new residential community designed to meet the evolving needs of older adults in Reading,\u201d Kaminski said.<\/p>\n
The $20 million project will convert a blighted industrial property into 46 apartments\u201439 one-bedroom and 7 two-bedroom units. All apartments will be affordable to households earning up to 60% of the area median income. Five apartments will be fully ADA-accessible, while all will be ADA-adaptable. The property will also include 52 on-site parking spaces.<\/p>\n
Financial closing and construction are expected to begin in October 2026, with the first residents anticipated to move in by January 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"A former industrial building in downtown Reading will soon be transformed into affordable housing for older adults, thanks…\n","protected":false},"author":2,"featured_media":556,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[128,130,129],"class_list":["post-555","post","type-post","status-publish","format-standard","has-post-thumbnail","category-reading","tag-reading-city","tag-reading-city-headlines","tag-reading-city-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/555","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=555"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/posts\/555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media\/556"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/media?parent=555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/categories?post=555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-pa\/wp-json\/wp\/v2\/tags?post=555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}