Project HOME has secured financing to renovate a supportive housing community for individuals who have experienced homeless and residents with disabilities in north Philadelphia.
The effort is being supported by TD Bank, which has provided $7.5 million in tax-exempt construction financing. The loan will be made by the direct purchase of tax-exempt bonds in association with a 4% low-income housing tax credit transaction, said bank officials.
Project HOME will use the financing to renovate its Rowan Homes Diamond community, which consist of 39 units.
The buildings will be upgraded and retrofitted to meet Enterprise Green Communities standards and will exceed Energy Star Version 3 standards using low-flow plumbing, recycled materials, and energy-efficient appliances and fixtures.
Project HOME will provide supportive services to all residents, who will all have access to resources through residential services on site, an existing learning/technology center adjacent to the property, and a nearby wellness center located in northwest Philadelphia.
The organization provides care with peer support and client services to its residents that has become a model for transitioning individuals and families back to independent living for more than 30 years. Residents come from safe havens, shelters, and homeless outreach organizations and receive direct on-site services. The services and housing provide a critical lifeline to households facing eviction and homelessness, particularly during COVID.
“This is a great project to be a part of. Project HOME is an amazing organization, and we are honored to work with them on this,” said Sue Taylor, vice president and relationship manager for commercial real estate at TD Bank.
