PHILADELPHIA — Berkadia has secured a $13.6 million Low-income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood.
Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland.
When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. (In a Faircloth-to-RAD development, public housing authorities develop public housing units using HUD’s public housing mixed-finance program with pre-approval to convert the property to a long-term Section 8 contract via RAD following acquisition or rehabilitation/construction.)
Clearfield Apartments will feature six units set aside for persons with mobility disabilities, and two units will be set aside for individuals with vision and hearing disabilities. Qualifying tenants must have a household income of 20 to 50 percent of the area median income.
CM Construction is scheduled to break ground on the project this Friday, Nov. 8, with a target completion date of December 2025.
“NewCourtland is grateful for the work that Chris McGraw and Berkadia put into securing financing for developing this new affordable senior housing community,” says Joe Duffey, CEO and president of NewCourtland.
“I also want to acknowledge Ron Hinton, executive director of the Allegheny West Foundation (AWF), for sharing his vision with us and for their commitment to the residents of the Allegheny West community. AWF was pivotal in bringing this LIHTC development project to NewCourtland. Partners like Berkadia, Citizens Bank, Pennsylvania Housing Finance Agency, Philadelphia Housing Authority, Allegheny West Foundation, and the City of Philadelphia are vital to our mission of promoting health equity throughout Philadelphia,” Duffey adds.
AWF promotes economic growth in the community by increasing affordable housing availability and fostering business development. Additionally, the foundation works to revitalize industrial areas through strategic acquisitions.
NewCourtland is a non-profit organization that provides accelerated access to coordinated health, housing and social services for medically complex and senior residents. NewCourtland also provides resources, recreation, and educational services for three senior centers, manages a 180-bed nursing home with rehabilitation care, and is a pioneer in developing innovative housing solutions throughout Philadelphia.