In keeping with McKonly & Asbury’s Purpose Through Profits initiative, the firm recently sponsored a book drive in support of HDC MidAtlantic’s Story Time program. More…
The Pennsylvania Housing Finance Agency (PHFA) awarded $1,238,235 in Low Income Housing Tax Credits for Beach Run Apartments in Fredericksburg, Pa. The new 51-apartment affordable community will be developed and managed by HDC MidAtlantic.
“A safe, affordable place to call home is the cornerstone of household stability and growth,” said HDC MidAtlantic President & CEO Dana Hanchin. “These new homes will add to the much-needed supply of workforce housing for major employers in the area including Bell & Evans, Sherwin-Williams and Ace.”
Beach Run Apartments will be located along North Center Street in Fredericksburg, Lebanon County, and provided high-quality workforce housing for residents in the area. The new community will feature 51 attractive, modern apartments including 1-, 2- and 3-bedroom floorplans. Six of those apartments will comply with Americans with Disabilities Act design standards.
Beach Run Apartments will target households earning between $10,040 and $66,480 annually. Rents will range from $208 and $1,066 per month based on income. The community will include professional on-site management, on-call maintenance, resident services, a community room, playground, walking trail and on-site parking for residents.
Local partners include Arthur Funk & Sons, Steckbeck Engineering & Surveying, Inc., and Architectural Concepts. The total cost of development is $14,675,030. Other committed sources of funding include Lebanon County and PENN Homes. Construction is slated to kick off in the summer of 2020.
“Families in need of affordable housing live everywhere. Not only in large cities, but in small towns and in our own communities” said Arthur Funk & Sons, Inc., President Bob Funk. “We are proud to be a part of the HDC MidAtlantic team providing an affordable place to live that helps families to begin on a path of new opportunity, and increased confidence and self-reliance. ‘We Build’ means more than just construction. At Arthur Funk & Sons, we build community.”
Individuals interested in renting an apartment at Beach Run Apartments should contact HDC MidAtlantic Leasing Specialist Donna Overly at 717-291-1911 x8054 or firstname.lastname@example.org to have their names placed on an “interest list” to receive an application.
WILMINGTON, Del., July 29, 2019 – Today, Gov. John Carney and Sen. Chris Coons (D-Del.) were the special guests at an event celebrating The Flats, a multiphase housing project that is redeveloping Wilmington property from the early 1900s into quality affordable housing for low-income individuals and those with disabilities. Developers recently completed Phase II of the project, which is being led by Woodlawn Trustees, Inc. through its partnership with Todmorden Foundation, and have begun work on Phase III.
“The State of Delaware is pleased to support this important project, and we share in the vision of the partners working to bring new life to The Flats community by providing safe, affordable housing for its residents,” said Gov. Carney. “As the project progresses, I want to congratulate those who have worked so hard to see this come to fruition and commend them for their efforts to address a crucial need in this area of the city.”
FHLBank Pittsburgh and its members Fulton Bank and Wilmington Savings Fund Society have provided a total of $1.75 million in grants for The Flats through FHLBank’s Affordable Housing Program (AHP). Additional funding support was provided by JPMorgan Chase, Cinnaire and FHLBank Atlanta. Delaware State Housing Authority also provided $9 million in funding support for the project through the state’s Housing Development Fund.
“It’s rewarding to see the hard work of so many people and organizations give more Delaware families a safe, affordable place to call home,” said Sen. Coons. “By working together, these housing partners are providing a valuable service to our neighbors and helping to revitalize Delaware communities.”
Once completed, the development will have 434 modern, affordable units with access to public transportation, on-site supportive services, 24-hour maintenance services, free wireless internet service to help residents complete schoolwork and other important house tasks, and an on-site community center.
In addition to Gov. Carney and Sen. Coons, participants in today’s celebration included Rod Lambert, President and CEO, Woodlawn Trustees, Inc.; Ben Lovell, Chairman of Woodlawn Trustees, Inc.; Dana Hanchin, President and CEO, HDC MidAtlantic; Mike Purzycki, Mayor, City of Wilmington; Anas Ben Addi, Director, Delaware State Housing Authority; Winthrop Watson, President and CEO, FHLBank Pittsburgh; Tom Horne, President, JP Morgan Chase; Susan Frank, EVP Business Development, Cinnaire; and Steve Clark, Executive Vice President, WSFS.
The Flats has become a major driver of Wilmington’s economic development, representing a capital investment of over $110,000,000 in the city. The project has created hundreds of construction and auxiliary-service jobs and spurred new development in the neighborhood.
“Woodlawn Trustees is proud to be a part of The Flats redevelopment and to help individuals and families here in our home community of Wilmington thrive,” said Lambert.
About FHLBank Pittsburgh
FHLBank Pittsburgh is a congressionally chartered cooperative of local financial institutions operating across Delaware, Pennsylvania and West Virginia. The Bank uses private money, not taxpayer funds, to assure the flow of credit and services to local lenders and helps them serve the affordable housing and community and economic development needs of the communities in which they operate. Each year, FHLBank sets aside 10 percent of its net income for AHP grants, which are awarded to project sponsors on a competitive basis.
About Woodlawn Trustees, Inc.
Woodlawn Trustees, Inc. was founded in 1901 by William P. Bancroft to continue his interests beyond his lifetime. Woodlawn’s core objectives are the preservation of open space for public enjoyment, affordable rental housing in the City of Wilmington, and orderly planned development to benefit the community and provide funding for Woodlawn’s activities. Woodlawn, together with Todmorden Foundation and HDC MidAtlantic, are in the midst of rebuilding the historic community known as “The Flats” originally built by Woodlawn over 100 years ago. Woodlawn celebrates its continued innovation in quality affordable housing and reaffirms its commitment to its residents and the community at large.