Winn Finishes Rehab of Philly Affordable Seniors Housing
- Oct 29, 2013
Philadelphia—WinnDevelopment, the real estate development arm of WinnCompanies, has completed the rehab of Venango House Apartments, an affordable seniors housing property in the Tioga neighborhood of Philadelphia. Located in the northwest part of the city, Venango House is comprised of 106 one- and two-bedroom apartments.
The project not only renovated the entire building, but also renewed the expiring Section 8 contract for another 20 years and secured another 30 years of affordable housing through the Low Income Housing Tax Credit program. By keeping residents in the neighborhood and offering the use of its facilities to various neighborhood groups, the goal of the rehab is promote social and economic growth within Tioga, according to Winn.
The project involved renovations to both the property’s units and common spaces. Winn replaced all kitchen cabinets, appliances, flooring and lighting, bathroom toilets and bathtubs, vanities and medicine chests in the apartments. The building now includes sustainable features, such as high-efficiency boilers, heat pumps, linear and compact fluorescent light fixtures, Energy Star appliances and faucet aerators.
The property also underwent a weatherization program through the Pennsylvania Housing Finance Agency SmartRehab Program, as well as a façade restoration. Winn then added additional exterior lighting, planters and made landscaping improvements. The project’s architect was The Architectural Team and the contractor was Keith Construction.
The developer worked with the Pennsylvania Housing Finance Agency to secure an allocation of 9 percent Low Income Housing Tax Credits. In conjunction with other funding provided by HUD, Citi Community Capital, and Boston Financial Investment Management, Winn was able to purchase the property and finance the rehabilitation.
WinnDevelopment originally built Venango House after the company purchased the land from the Pennsylvania Redevelopment Agency 30 years ago. The renovation was part of the Tioga Neighborhood Revitalization Plan, a joint effort between the Tioga United Community Group and the Philadelphia City Planning Commission. The improvements at Venango House helped to revitalize the block at 22nd and Venango, a high-density housing node targeted by the plan.