RHLS Supervising Attorney Raina Mehta, and Staff Attorney, Esteban Rodriguez, worked with the Women’s Community Revitalization Project (WCRP) on the Abigail Pankey Apartments. These apartments are a Low Income Housing Tax Credit (LIHTC) development, and they will provide 32 new affordable homes in the Mantua neighborhood of West Philadelphia. The construction can begin now that the deal has reached a financial close.
The Abigail Pankey Apartments will be a newly constructed building with 32 apartments in a single, four-story structure. There will be twenty-two 2-bedroom units and ten 3-bedroom units. Eight of the apartments will be fully accessible, and two will be sensory units, accessible to those with hearing and visual differences. Both the 2- and 3-bedroom units will be designed to meet the needs of families with children. The new development will include a community space, a bike storage room, and an outdoor green space. The new residents will also have in-unit washers and dryers, a huge help to any family! The development will meet Enterprise Green Communities Standards and EPA’s Zero Energy Ready Home guidelines.
The apartments are for low-income families, and there will be a supportive services office on-site to work with them. Twenty-one apartments are intended for families at or below 30% of the Area Median Income (AMI) with the remaining eleven apartments for families at or below 60% AMI. Twenty-one apartments will receive Project-Based Rental Assistance Demonstration (“RAD”) for a minimum term of 15 years. Three apartments will be set aside for the City of Philadelphia Supportive Housing Clearinghouse.
The land was formerly several parcels in Mantua. The Philadelphia Land Bank consolidated them and conveyed them to WCRP’s community land trust, Community Justice Land Trust, which in turn ground leased the land to the LIHTC Partnership. LISC provided $798,000 of predevelopment financing through their MacKenzie Scott partnership. The development also has equity financing from National Equity Fund (NEF), as well as funding from Citizens Bank, PHDC, PHFA, and FHLB Pittsburgh and Boston. Cicada is the Architect and Domus is the General Contractor. RHLS also worked with Stone Sherrick, a real estate consulting group.
The construction of this new apartment complex is estimated to take about 14 months. Contact WCRP for more information about rental opportunities.