Affordable housing initiative gets $1M

The Pennsylvania Housing Finance Agency has awarded $1 million in Pennsylvania Housing Affordability and Rehabilitation Enhancement funding to HDC MidAtlantic in support of the Chester County Preservation Initiative, an $18.6 million preservation of 97 affordable homes in the county.

CCPI communities include Ash Park Terrace, a 56-unit apartment community serving seniors ages 55 and older and individuals living with disabilities; Washington House Apartments, a 10-unit apartment community serving seniors ages 55 and older with preference given to those living with handicaps or disabilities in Coatesville; and Hannum Gardens, a 31-unit apartment community

serving families in West Chester.

“HDC has found two great partners in Mission First Housing Group and the Housing Authority of Chester County as we work to support Chester County’s most vulnerable populations,” said HDC President and CEO Dana Hanchin. “Mission First is not only an experienced developer who understands the challenges presented in Chester County, but their organization’s mission and values align and support HDC’s as well. We are happy to join them as champions for the greater good.”

“The Housing Authority of Chester County is so excited and grateful to partner with HDC MidAtlantic and the Mission First to preserve and upgrade 97 units of affordable housing. This housing

includes units for both seniors and families. All of them have very low incomes which would make it virtually impossible to locate affordable housing in the often very expensive neighborhoods in Chester County. My Board Chairman, Pat Bokovitz, and I extend our thank yous to our partners in this effort. We look forward to working together to get this accomplished as quickly as possible.”

CCPI is a joint venture entity created after HDC MidAtlantic and Mission First, both mission-based, nonprofit developers, were selected to purchase the ownership interest in two limited partnerships in three properties currently controlled by the Housing Authority of Chester County in 2018. The new ownership entity will be controlled by HDC and Mission First.

CCPI is important to the county, as it will provide much-needed funding to rehabilitate and preserve each community to ensure guaranteed affordability and sustainable operations for decades to come. Hannum Gardens and Washington Terrace Apartments have long been critical assets in Chester County, offering indemand and scarce highquality affordable housing options to vulnerable populations including low-income residents, seniors and those living with disabilities in an overall affluent and high cost region.

By financing the rehabilitation using the Rental Assistance Demonstration program, 4% LIHTC taxexempt bonds and existing project-based subsidies, residents will pay no more than 30% of their income toward rent.

PHARE funding will be used to complete renovations. Each community will receive significant updates to repair and replace major systems, as well as improve energy efficiency and generate housing cost savings for residents and improve overall community operating costs. Planned upgrades include conversion of exterior lighting to LED, upgrades of interior and exterior lighting fixtures to ENERGY STAR components, transition of appliances to ENERGY STAR models, upgrades to HVAC systems to meet ENERGY STAR standards and the replacement of existing windows with new ENERGY STAR windows.

Water-saving features will be added and kitchens, and bathrooms will be improved to maximize cost savings for residents. The 11 apartments currently reserved for residents with disabilities will be updated to comply with current ADA standards.

Resident Services to connect residents to community resources and partners will be on-site at each community and available to all residents.

Construction is scheduled to begin in spring 2021.