FHLBank Pittsburgh Awards Grants

The Board of Directors of the Federal Home Loan Bank of Pittsburgh (Bank) approved $34.2 million in awarded grants under the Bank’s Affordable Housing Program (AHP). The grants will help finance 68 housing projects, creating more than 1,700 units of housing for very low-, low- and moderate-income individuals and families, as well as those with special needs.

The Flats Phase III, located in Wilmington, Del., is among the developments financed.  Todmorden Foundation, together with HDC MidAtlantic and FHLBank Pittsburgh are redeveloping functionally obsolete housing at The Flats with new, safe, affordable townhomes and apartments.“The Flats was the creation of visionary philanthropist William Bancroft to fill the demand for workers’ housing in the early 20th century,” said Rodney A. Lambert, Jr., president and CEO, Todmorden Foundation. We see The Flats Redevelopment as a great example of how a community can work together through collaboration, to create a long lasting, sustainable development for future generations.”

The Flats Phase III will continue the momentum and re-investment in the Flats neighborhood by replacing 80 aging rental units with 77 new units of affordable housing. The new units will reinforce the design of the surrounding mature urban neighborhood. The Flats Phase III will continue a multiyear project to rehabilitate property originally built as workers’ housing in the early 1900s. Once completed, the entire Flats development will have replaced functionally obsolete units with 434 modern, affordable units in the midst of amenities that include accessible public transportation, on-site supportive services, 24-hour maintenance services, free wireless internet service and an on-site community center.

“The more than $34 million in AHP grants awarded in December represents the largest amount ever awarded by FHLBank Pittsburgh,” said Winthrop Watson, President and Chief Executive Officer. “This record amount of funds will help our members bring affordable housing to more than 1,700 families throughout the communities they serve.”

Local organizations partnered with 26 member institutions to support the 68 projects receiving AHP funding. A complete list of the AHP grants awarded today can be found at www.fhlb-pgh.com.

River Run Meadows Recognized

The Greater Reading Chamber Alliance awarded HDC MidAtlantic’s River Run Meadows a Building Berks award for outstanding multi-family housing.

The Building Berks Awards honored real estate and development projects completed in the last two years that contributed positively to the local economy and the quality of life in Berks County.  Projects were evaluated based on design, aesthetics, and economic impact.

Located in Birdsboro, Pa., River Run Meadows is a 58-unit affordable housing community for families, seniors and individuals living with disability. The community includes six residential buildings consisting of one – and two – bedroom walk-up apartments, as well as two-story two and three-bedroom townhomes.

River Run Meadows, located in Birdsboro, Pa., was recognized by the Greater Reading Chamber Alliance.

River Run Meadows Apartments was constructed to meet Enterprise Green Communities® standards which features water and energy saving devices throughout the property to offset utility costs for the property and save residents money. The new development also includes on-site laundry facilities, a community gathering space and a multipurpose athletic court for resident use. The property is adjacent to the Schuykill River Trail, giving residents close access to areas for jogging, walking and biking.

In July 2016, River Run Meadows Apartments was awarded $1,132,144 in Low Income Housing Tax Credits from the Pennsylvania Housing Finance Agency (PHFA). The total cost of development was $14.1 million.  Development partners included Architectural Concepts, BB&T, City Real Estate Advisors, Community Lenders, High Swartz, Nikolaus & Hohenadel, PHFA, Schlouch, Incorporated, County of Berks and Robeson Township.

 

 

 

HDC MidAtlantic expands in Luzerne County

HDC MidAtlantic announced today the acquisition of Exeter Senior Living Apartments.

Located at 222 Schooley Avenue in Exeter, the apartment community features 46, one-bedroom apartments for adults age 62 years and older who have low- or moderate-income.

HDC MidAtlantic acquired the apartment community, which was built in 1991, from Creative Developers, Inc.

The acquisition of Exeter Senior Living Apartments is an expansion of HDC MidAtlantic’s services in Luzerne County, PA. In 2017, HDC MidAtlantic celebrated the grand opening of Heritage Point Apartments, a family community featuring 56 affordable apartments in Wilkes-Barre, PA.

Founded in 1971, HDC MidAtlantic’s mission is to build hope and opportunity by providing a safe and affordable place to call home to 4,800 residents including 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, affordable housing 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. The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities.