The new Sacred Heart Residences is helping to meet the housing and medical needs of seniors in Allentown, Pa.
Developed by Pennrose Properties in collaboration with Sacred Heart Hospital, the new community provides 61 affordable homes within one block of the hospital.
In addition, the first floor of the housing development includes 6,000 square feet of space that will be utilized by the hospital for geriatric, physical therapy, and other senior-focused medical functions. These services will be available to both building residents and the public.
Sacred Heart Residences is also one of the first developments in Pennsylvania designed to meet Passive House standards, rigorous criteria for energy-efficiency that results in buildings that require little energy for heating or cooling.
“The market for quality affordable housing for seniors in the Allentown area was apparent by the speed by which this development was fully leased,” said Mark H. Dambly, president of Pennrose Properties, in a statement. “Residents will have both a new, modern apartment, as well as immediate proximity to services customized for seniors.”
Community amenities include a spacious community room with a kitchen, a fitness room, a game room, a library, a lobby lounge, common laundry rooms, and a roof terrace. The one- and two-bedroom apartment units include open floor plans with oversized windows, modern kitchens, spacious closets, ceramic-tiled bathrooms, and resident-controlled heating and cooling.
The $14.6 million development serves seniors with income ranging from 20% to 60% of the area median income. The Pennsylvania Housing Finance Agency awarded low-income housing tax credits (LIHTCs) to the project, which raised nearly $11.2 million in equity. JPMorgan Chase was the investor, construction lender, and permanent lender, and Hudson Housing Capital was the LIHTC syndicator.
Other financing partners include the city of Allentown, commonwealth of Pennsylvania, and American Bank. In addition, the Allentown Housing Authority provided 24 Sec. 8 vouchers.
