- About Us
- For Community Groups
- For AdvocatesFor Advocates
- News & EventsNews & Events
- Get InvolvedGet Involved
- Resources
RHLS Senior Staff Attorney, Kelly Prokop, and Supervising Attorney, Jack Stucker, recently celebrated the ribbon-cutting of a redevelopment project in the West Philadelphia neighborhood of Mantua with MVMCDC. They are developing forty new scattered-site affordable homes in eleven buildings on previously vacant lots donated by the Philadelphia Land Bank. They are currently moving forward with construction and will open for tenants soon.
The development of these affordable homes is the result of the collaboration between Mt. Vernon Manor and HopePHL (formerly the People’s Emergency Center). It is an example of equitable, community-centered development, and will meet the area’s high need for affordable housing, particularly for households with incomes below 60% AMI. This development will also include eleven supportive homes; services will be provided by HopePHL. These services include connection to social services and support, resource management such as for food and basic needs resources, and workforce development.
In the beginning of the project, Kelly and Jack supported the Low-Income Housing Tax Credit application, negotiated the joint venture agreement between Mt. Vernon Manor and HopePHL, assisted with Entity Formation, and drafted and negotiated site control documents, including agreements of sale. After Mt. Vernon was awarded an allocation of tax credits, they negotiated the loan documents and limited partnership agreements with the investors.
The funding for this development came from a variety of loans and grants. TD Bank (Redstone), Pennsylvania Housing Finance Agency (PHFA) Development Cost Relief Program, a loan from the Philadelphia Housing Authority, FHLB Pittsburgh, the Reinvestment Fund, FHLB Atlanta, and Capital Impact Partners’ Affordable Housing Program (AHP), as well as a Keystone Grant and a Congressional appropriation.
Tenants will be moving into these bright and new affordable rentals soon.
