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State Hands Out $11M for Rental Housing Development

HARRISBURG, PA-In Philadelphia, Spring Garden College will be converted into a 56-unit senior complex and a 60-unit development will rise on Monument Road. Projects in Delaware, Allegheny and Butler counties also receive funds.

By Marita Thomas | Updated on September 24, 2003

HARRISBURG, PA-The Pennsylvania Housing Finance Agency approves more than $10.6 million in loans and tax credits for two multifamily rental complexes in Philadelphia, two in Allegheny County and one each in Delaware and Butler counties. When complete, the value of the properties will exceed $38 million.

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.

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