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Riverside Senior Complex Gets $15M Rehab

PHILADELPHIA-The 150-unit facility on N. 23 Street obtains the lion's share of more than $19.5 million in Pennsylvania Housing Finance Agency funding for multifamily properties in four counties.

By Marita Thomas | Updated on October 24, 2006

PHILADELPHIA-The Pennsylvania Housing Finance Agency has approved the issuance of $15 million in tax-exempt bonds for the rehabilitation of Riverside Senior Apartments. This is the largest of four multifamily projects in as many counties to be granted an aggregate of approximately $19.5 million from PHFA. On completion, the aggregate value of the four properties will total nearly $31.5 million, according to a statement from Gov. Ed Rendell’s office.

Riverside is a 10-story facility for people age 62 or older. The funding will be used to renovate the building’s existing 100 one-bedroom and 50 studio units. The property, located at 158 N. 23 St. in the Logan Square neighborhood of Center City, is 100% occupied. There will be a floor-by-floor relocation as renovations are carried out.

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