PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans.
The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans.
Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years.
The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti.
HELP USA, a national homeless service provider and low-income housing developer, is developing the project.