HDC MidAtlantic has closed a deal to rehabilitate and preserve 208 affordable homes in four Pennsylvania properties.
“Affordable housing preservation is a priority for HDC MidAtlantic,” says Dana Hanchin, president and CEO of the nonprofit organization. “This redevelopment project will ensure over 200 households will continue to have a safe, decent affordable place to call home. In a rental market this tight, where wages continue to be stagnant, communities must take steps to preserve every affordable unit to meet the needs of their residents.”
The redevelopment project is comprised of four affordable housing communities:
· The 58-unit Springwood Glen Apartments in Middletown, Dauphin County;· The 25-unit Apartments at Mulberry Corners in Lancaster, Lancaster County;
· The 60-unit Rockford Chase Apartments in Mountville, Lancaster County; and
· The 65-unit Wyndamere Apartments in York, York County.
HDC MidAtlantic has owned and managed the properties between 18 and 21 years. While the specific scope of work will vary among the communities, rehab efforts will focus heavily on interior upgrades and energy-efficiency enhancements. Residents will see new doors, windows, hardware, flooring, paint, cabinetry, and appliances, such as electric ranges and refrigerators, and upgraded, energy efficient HVAC, electrical, and plumbing systems inside their homes and in community spaces.
Apartments designated for individuals with disabilities will be updated to current Americans with Disabilities Act (ADA) standards and include the installation of new bathroom grab bars and roll-in showers with floor drains, accessible countertops and shelving, and new flooring.
Residents will also see upgraded safety features such as new lighting, motion sensors, property cameras, as well as the installation of new smoke and carbon monoxide detectors.
Properties will also receive exterior improvement, including new roofing, gutters, and downspouts, and decking materials and railings will be repaired or replaced.
The total cost of the work is just over $21.6 million. Primary sources of funding include 4% low-income housing tax credits awarded by the Pennsylvania Housing Finance Agency (PHFA) and tax-exempt bonds. The equity investor is Cinnaire. Fulton Bank purchased the multifamily tax-exempt bonds issued by the Lancaster County Redevelopment Authority. Additional sources of financing include $600,000 in new Community Development Block Grants (CDBGs) and $950,000 in assumed funds from the Lancaster County Redevelopment Authority, $150,000 in new CDBG funds and $1,074,088 in assumed funds from the York County Planning Commission, $217,575 in assumed funds from the city of Lancaster, and approximately $1.4 million in recast PennHomes funds from PHFA.
Stevens & Lee and Nikolaus & Hohenadel provided legal counsel. Architectural Concepts was selected as the architect. Benchmark Construction was selected as the general contractor. Construction began July 30, with HDC MidAtlantic anticipating approximately six months for the renovations.
Founded in 1971, HDC MidAtlantic is nonprofit providing quality affordable rental homes to 4,800 residents including working families, seniors and individuals with disabilities throughout Pennsylvania, Delaware and Maryland. HDC MidAtlantic owns, develops and/or manages more than 3,700 affordable apartments by delivering high-quality and secure housing solutions through innovative property management, real estate development and resident services.
HDC MidAtlantic is part of the NeighborWorks network, an affiliation of more than 240 nonprofit organizations located in every state, the District of Columbia and Puerto Rico.
