The Pennsylvania Department of Community and Economic Development (DCED) awarded HDC MidAtlantic Neighborhood Assistance Program (NAP) Tax Credits for contributions totaling $45,000.
HDC MidAtlantic will receive $25,000 from BB&T and $20,000 from Harris Holdings 2, LLC. Contributions will be used to prevent housing destabilization and strengthen financial health of nearly 1,000 low-income families and seniors living in our affordable housing communities in the City of Lancaster.
Housing in Lancaster has become increasingly unaffordable for lower-income families and individuals. The gap between wages and rents has doubled since the 2009 recession. There is a high demand for affordable rental housing and a limited supply in the City. A report commissioned a few years ago by Lancaster Housing Opportunity Partnership demonstrated Lancaster City’s distinct challenges around affordable housing stating 57% of renters are housing-cost-burdened. This means residents struggle to make ends meet, and are making trade-offs between buying food, seeking medical care, and paying utility bills or childcare costs.
“The reality is many residents are one crisis away from losing their housing,” said HDC MidAtlantic President & CEO Dana Hanchin. “Residents can struggle to pay rent if faced with unexpected job loss or interruption, medical emergency or illness, or other crisis. These events put residents at risk financially which may lead to eviction or even homelessness. We recognize that our residents lead complex lives and we must provide the supports necessary to ensure housing stability and achieve financial security.”
With support from DCED’s NAP Tax Credit, HDC MidAtlantic’s Resident Services program will work onsite and serve as connectors for individuals and families to access the services and supports offered by partners like BB&T as well as Tabor Community Services. The goal is to move residents out of short-term crisis onto a path of long term stability and growth. The program will intervene at a point of emergency or crisis to help residents successfully navigate the crisis and to strengthen financial skills and capability to prevent future occurrences.
“As part of our mission, BB&T strives to make the communities in which we serve better places to live. As a corporate citizen, BB&T has a strong track record of supporting local organizations,” said Alex Brame, Central Pennsylvania Regional President. “We are proud to work with and support the HDC MidAtlantic Neighborhood Assistance Program and are very excited about the positive impact our contribution will bring.”
Mike McKenna, President of Tabor Community Services said, “We value our partnership with HDC MidAtlantic and are committed to working together to ensure residents are successful tenants for the long term.”
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.
BB&T is one of the largest financial services holding companies in the U.S. with $225.7 billion in assets and market capitalization of approximately $33.1 billion as of December 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 1,800 financial centers in 15 states and Washington, D.C. and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com