The former Spring Garden College on Germantown Avenue in Philadelphia will be converted into New Covenant Senior Housing, a 56-unit rental complex for those 62 years old and older. PHFA is providing more than $1.6 million in funds and $480,000 in housing tax credits for renovation and conversion of the five-story building.

Philadelphia is providing a $632,500 community development block grant for the project, and New Covenant Church is making a $280,000 federal Home Loan Bank loan through Sovereign Bank, which is also contributing more than $4.7 million to the project. The complex is also eligible for federal historic rehabilitation tax credits under a program administered by the National Park Service.

For construction of Monument Mews, a 60-unit development in Philadelphia, PHFA awards in excess of $1.9 million, plus $661,254 in tax credits. The city's redevelopment authority is providing $1.3 million in loans, which combine with a $500,000 loan and $4.5 million in equity from Sovereign. The overall cost of the project is $8.7 million.