Scranton Welcomes First Project in Years

AFFORDABLE HOUSING FINANCE • January/February 2010

BY AFFORDABLE HOUSING FINANCE STAFF

IT’S BEEN a while since Scranton, Pa., has seen a new affordable housing development.

That changed when the United Neighborhood Community Development Corp. recently completed the rehabilitation of an abandoned elementary school into an 18-unit affordable housing project. It’s the first affordable housing development in the city in about 10 years.

A city of about 73,0000, Scranton has recently become known as the setting of “The Office” sitcom.

Financing for the $4.9 million Harriet Beecher Stowe Apartments included a $3.2 million low-income housing tax credit equity investment from PNC Real Estate as well as funding from the Pennsylvania Housing Finance Agency, the Federal Home Loan Bank, the Pennsylvania Department of Community & Economic Development, and Community Development Block Grants from the city of Scranton.