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 up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of AMI, and 25 units will be available to renters earning at or below 60 percent of 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.