Enterprise Makes $6M Tax Credit Investment to Preserve Philly Affordable Properties
- Oct 24, 2014
Philadelphia—Enterprise Community Investment has made a $6 million Low Income Housing Tax Credit deal to acquire, rehabilitate and preserve 92 affordable apartment units within four developments across scattered sites in Philadelphia. The company will also to create seven new affordable rental apartments in the process.
The rehabilitation will be done on the existing properties in the Philly neighborhoods of Center City, West Philadelphia, River Wards and North Philadelphia. The goal of the work, according to Enterprise, will be to enhance the properties’ energy efficiency and residents’ quality of life.
The scope of work will include replacement of windows, improving masonry, new interior and exterior paint, new HVAC systems, new hot water heaters and plumbing fixtures. There will also be increased insulation, installation of programmable thermostats, new flooring in kitchens and living areas, and new appliances.
Mission First Housing Group is the developer of the properties. Its holdings are mainly in Philadelphia, but the nonprofit also has properties elsewhere in Pennsylvania, Maryland and Delaware, with a total of over 2,000 units serving about 3,000 residents.
Through the housing credit, a major main tool for creating and preserving affordable housing, Enterprise has thus far invested $150 million in more than 1,000 affordable homes across Philadelphia. The company says it plans to invest enough all together by 2020 for 1 million low-income families to have access to housing.