(To read more on the multifamily market, click here.)
HARRISBURG, PA-Gov. Ed Rendell announced that the Pennsylvania Housing Finance Agency has approved just over $7 million in loans and tax credits for rental apartment projects in four cities. The projects encompass a total of 175 units and will have an aggregate value of approximately $35.9 million when complete.
They include new construction in Philadelphia and Allentown and significant rehabilitation of existing facilities in Coatesville and Tamaqua. Of the total, 119 units are new and 56 are rehabs.
With an aggregate of 79 new units, Hart Rental Phase II on a nine-acre site at Hanover Avenue and Dauphin Street in Allentown is the largest. It has been granted nearly $2.2 million in PHFA funding, and the total project cost is expected to approach $14.5 million.
Inglis at Elmwood, a 40-unit complex at 6100 Eastwick Ave. in Philadelphia is also new construction. PHFA has committed $1.4 million to the project's total estimated cost of nearly $9.5 million.
The larger of the rehab projects is Elmwood Garden Apartments at 100 Harlan Dr. in Coatesville. It contains an aggregate of 42 units in 15 three-story buildings. The PHFA contribution is approximately $2.7 million. The total cost is estimated at about $9.5 million.
A 14-unit, two-story building at 401 Hazle St. in Tamaqua in Schuylkill County is also being rehabilitated at a total cost of approximately $2.7 million. The PHFA contribution is $778,751.
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