Enterprise Community Investment announced a $6 million low-income housing tax credit (LIHTC) deal involving the creation or preservation of 99 affordable housing units in four developments across Philadelphia.
Mission First Housing Group, a longtime nonprofit in the city, is the developer. Under the deal, Mission First will create seven new apartments and acquire and preserve 92 apartments.
The rehabilitation of the existing properties in Center City, West Philadelphia, River Wards, and North Philadelphia will enhance energy efficiency and residents’ quality of life. The general scope of work will include replacement of windows, improving masonry, new interior and exterior paint, new HVAC systems, new hot water heaters and plumbing fixtures, increased insulation, installation of programmable thermostats, new flooring in kitchens and living areas, and new appliances.
“Enterprise takes great pride in working with Mission First to preserve and expand affordable housing in Philadelphia and across the country through the Housing Credit,” said Raoul Moore, senior vice president of syndication at Enterprise, in a statement. “Our goal is to end housing insecurity within a generation, and this large deal brings us closer to that goal by creating opportunity for so many people in Philadelphia.”