In one case, a PennHOMES loan from PHFA of $487,000 helped save the loss of$7.14 million in federal funding for the 65-unit mid-rise complex at 4200Mitchell St. in Philadelphia. Direct financing under the HUD "202" programto this project was inadequate. The PHFA loan, Philadelphia's redevelopmentauthority, and Roxborough Manayunk Bank provided enough funds to prevent thedeveloper from losing the federal dollars.
The developer, Pensdale Housing, Inc., is a non-profit corporationaffiliated with Friends Rehabilitation Program Inc., of Philadelphia, which will managethe complex.
The additional four recipients of PHFA financing are:
· Benton Elderly, an 11-unit building on a 1.1-acre site in ColumbiaCounty. The developer, Columbia County Housing Corp. of Bloomsburg, PA, willreceive $454,047 of PHFA funds and $93,531 in housing tax credits for thethree, single-story buildings totaling 9,930 sf, plus a 1,182-sf communityspace. Total construction cost is approximately $1 million.
· Simpson Gardens, a 41-unit, four-building complex in Lansdowne, PA inDelaware County. Developer Simpson Gardens Housing Corp. of Philadelphiawill receive $990,000 in PHFA funds and $361,640 in housing tax credits.Construction cost is $4.75 million.
· Chandler School Apartments, a four-story, 23-unit building in Johnstown, PAin Cambria County. The developer, Meyersdale, PA-based Chandler SchoolApartments LP, will receive $487,000 of funds and $179,815 in tax credits torehabilitate the building.
· Georgetown Heights, a three-story, 26,523-sf, 23-unit building, inDalmatia in Northumberland County, PA. Lewisburg, PA-based SEDA-COG HousingInvestments will receive $818,545 in financing and $199,256 in tax credits.The development cost is $2.257 million.
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