Home » zz - MHN (NEW) » Property Types » Affordable 
Dec. 13, 2012

Work Starts on $17 Million Affordable Housing for Seniors in Mt. Airy

By Veronica Grecu, Associate Editor

Philadelphia-based developer Nolen Properties broke ground last week on a new senior housing community in the Mt. Airy neighborhood. The $17 million investment centers around a brick and terracotta landmark building constructed in 1895 which will be upgraded and transformed into a 57-unit residential facility.

The imposing mansion is located at 221 W. Johnson Street and was built by philanthropist George Nugent for the care of elderly Baptist ministers and their wives, according to Patch.com. The three-and-a-half-story building was acquired by Nolen Properties in 2002 for $2.5 million, shortly after it was added to the National Register of Historic Places.

With financial help from the City of Philadelphia—which is providing $2.6 million—and low income housing tax credits worth $11.5 million from the Pennsylvania Housing Finance Agency (PHFA), Nugent Senior Apartments will include seven studios and 50 one-bedroom apartments as follows:

• Six apartments designed for handicapped residents
• Three apartments for residents with sensory impairments
• Six affordable apartments for seniors over 62 with incomes less than 20 percent Area Median Income (or $17,150 maximum for one person)
• Forty-two affordable apartments for seniors over 62 with incomes between 50 percent and 60 percent Area Median Income (or $34,260 for one person)

According to a press release from Nolan Properties, rents will range between $195 per month to $794 per month. Nugent Senior Apartments will also include a community room and laundry facilities, as well as an additional construction at the rear of the building which will be used as community space.

Click here for an in-depth market report on Philadelphia.

Image courtesy of Nolen Properties
Tags: , , ,