PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development.
Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024.
The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning at or below 20 percent of area median income (AMI), 20 units available at or below 50 percent AMI, and 25 units available at or below 60 percent AMI.
Five of the units are designed for residents with physical disabilities and hearing and vision impairments. In addition, the building will be designed to meet Energy Star Certification and Enterprise Green Communities standards.
Previously owned by the Philadelphia Redevelopment Authority, the parcel is located in an Opportunity Zone and is part of the Center City Redevelopment Area. The development is part of a much larger community and economic master plan to revitalize Chinatown. According to the Philadelphia Corporation for Aging, 42 percent of seniors living in Philadelphia are below the poverty level.
The financing structure for 800 Vine Senior consists 9 percent Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency (PHFA), RACP funds from the Commonwealth of Pennsylvania, and a subordinate loan and permanent debt from PHFA.
The post Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood appeared first on Seniors Housing Business.