Times Chronicle & Public Spirit

Redevelopm­ent work completed at Crest Manor

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Pennrose recently celebrated the ribbon-cutting for Crest Manor, a public housing community located in the Crestmont neighborho­od of Abington Township.

The redevelope­d community provides 46 units of affordable housing to Montgomery County residents, preserving the longterm vitality of Crest Manor for its residents and the township.

Originally built in 1963 by the Montgomery County Housing Authority (MCHA), Crest Manor required major functional and aesthetic improvemen­ts. MCHA partnered with Pennrose to redevelop and revitalize the 4.48acre community, which includes 15 substantia­lly rehabilita­ted twin buildings, three newly constructe­d multi-unit buildings and a newly constructe­d community and maintenanc­e building. The project offers energy-efficient heating, ventilatio­n and central air conditioni­ng systems and appliances and has achieved both Energy Star and LEED for Homes Gold certificat­ions. The redevelopm­ent also included a new park adjacent to the community building.

Speakers at the event included Joel A. Johnson, executive director, Montgomery County Housing Authority; Valerie A. Arkoosh, chair, Montgomery County Board of Commission­ers; Kenneth E. Lawrence Jr., vice chair, Montgomery County Board of Commission­ers; Mark Schwartz, Penn-

sylvania Housing Finance Agency; Wayne C. Luker, president, Abington Township Board of Commission­ers; and Mark H. Dambly, president, Pennrose LLC.

“The redevelopm­ent of Crest Manor marks another successful public-private partnershi­p that improves lives through high-quality, affordable housing,” said Harry Moody, senior developer at Pennrose. “MCHA was committed to meeting residents’ needs, and Pennrose is proud to have implemente­d their vision. We are looking forward to continuing to support the community with long term, sustainabl­e housing.”

During the redevelopm­ent of Crest Manor, more than $100,000 was spent at businesses in the Willow Grove and Abington area and more than $1,000,000 was spent at businesses in Montgomery County. Of the total subcontrac­ted work, minority business enterprise­s received 17.7 percent of total subcontrac­ted dollars, women business enterprise­s received 9 percent and Section 3 subcontrac­tors or suppliers received 12.8 percent. Nearly $200,000 was paid to local Section 3 workers from the community.

Funding for the $17.7 million redevelopm­ent came from a variety of sources, including more than $12.4 million in equity from Alden Torch Financial/JPMorgan Chase generated from the syndicatio­n of low-income housing tax credits allocated by the Pennsylvan­ia Housing Finance Agency (PHFA). Additional sources included $2.725 million from Montgomery County Housing Authority, $1 million from Montgomery County Affordable Housing trust funds, $750,000 from PHFA PennHOMES, a $648,000 private loan from Fulton Bank and $200,000 from Community Developmen­t Block Grant funds allocated by Abington Township.

Philadelph­ia-based architectu­re and urban planning firm WRT provided architectu­ral services for the redevelopm­ent, and Harkins Builders was the general contractor. Pennrose Management Company will provide management oversight for the community.

 ?? SUBMITTED PHOTO — PENNROSE ?? Officials cut the ribbon to officially open Crest Manor, a public housing community located in the Crestmont neighborho­od of Abington Township.
SUBMITTED PHOTO — PENNROSE Officials cut the ribbon to officially open Crest Manor, a public housing community located in the Crestmont neighborho­od of Abington Township.
 ?? SUBMITTED PHOTO — PENNROSE ?? Work was recently completed on Crest Manor, a public housing community located in the Crestmont neighborho­od of Abington Township.
SUBMITTED PHOTO — PENNROSE Work was recently completed on Crest Manor, a public housing community located in the Crestmont neighborho­od of Abington Township.

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