Affordable Housing Redevelopment Underway Near Philadelphia
- Apr 15, 2016
Willow Grove, Pa.—Work has started on redevelopment of Crest Manor in Willow Grove, Pa., in the Crestmont neighborhood of Abington Township in Montgomery County. When complete, there will be 46 units of affordable housing on the site.
Originally built in 1963 by the Montgomery County Housing Authority (MCHA), Crest Manor has been in need of functional and aesthetic improvements for some time. MCHA has partnered with Pennrose Properties LLC to redevelop the community, and Pennrose Management Co. to provide professional management oversight.
The scope of revitalization on the 4.48-acre site includes substantial rehabilitation of 15 of the existing two-story twin buildings, and demolition of one two-story twin building with new construction of a two-story building in its place. The work will also include demolition of the existing maintenance facility and the construction of a two-story building in its place.
Upon completion, there will be a total of 15 renovated twin buildings, three newly constructed multi-unit buildings and one new constructed community and maintenance building. The property’s units will range from one to five bedrooms.
The $17.7 million in funding for the redevelopment came from a variety of sources, including over $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.
Other funding sources included a $750,000 PHFA PennHOMES loan; a $2.725 million Montgomery County Housing Authority loan; $1 million in Montgomery County Affordable Housing trust funds; $200,000 of Community Development Block Grant funds allocated by Abington Township; and a $648,000 private loan from Fulton Bank. Wallace Roberts & Todd, LLC provided architectural services for the redevelopment, and Harkins Builders is the general contractor.