TD Bank announced it is investing in the revitalization of the historic Spring Garden School into affordable housing for seniors and veterans in North Philadelphia.
The school, which has been vacant for almost 40 years, was built in 1927 and added to the National Register of Historic Places in 1986.
HELP USA, one of the nation’s largest homeless service providers and affordable housing developers, is converting the building into 37 apartments for low-income seniors with a preference for veterans. Twelve of the housing units will be occupied by homeless veterans.
The bank has provided more than $11 million in tax credit equity—$8.8 million in low-income housing tax credit equity and $2.3 million in historic tax credit—through its Community Capital Group and a $9 million construction loan through its Commercial Real Estate Group.
"This is a very important project that will allow low-income seniors and veterans to have a place they can call home," said Gloribel Cruz, vice president at TD Bank, in a statement. "Helping to revitalize this building will improve the area and reinforce our commitment to give back to the community. Our investment in making a positive impact is part of what makes TD Bank different."
HELP USA has entered into a 99-year ground lease with the Philadelphia Housing Authority (PHA) at the former school. PHA is investing $9.5 million over the next 20 years, and HELP has secured $13.7 million in public and private funding to make the project possible.
