Beacon Development Group is pleased to announce that HumanGood East has been awarded 9% tax credits by the Pennsylvania Housing Finance Agency (PHFA) for a 47 unit senior affordable housing community in the Port Richmond neighborhood of Philadelphia. Janney Street Apartments will serve seniors 62 years of age or older with 5 units set aside for formerly homeless seniors referred by the Philadelphia Office of Supportive Services. All units in the new four-story apartment complex will be one-bedroom apartments and average 670 square feet.
Janney Street Apartments received funding via 9% LIHTC in the amount of $12.0M and Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund program in the amount of $0.6 million. Additionally, the project has been awarded $1.5 million from the City of Philadelphia and is receiving $1.5 million from the Bala Presbyterian Home Foundation.