Moderate Income Housing for Seniors. A loan for Park View at Cheltenham helped to build a new 74-unit apartment building for seniors with moderate income in Elkins Park, Montgomery County, Pa. The property is owned and managed by The Shelter Group, a national real estate development and property management company specializing in multi-family and senior living rental communities. The Park View communities were begun in 1989 to serve seniors whose income is too high to permit government assistance but too low to support entry into many conventional retirement centers. Typically, Park View communities comprise 100 units in a three-story mid-rise building and serve people whose income is less than 60 percent of median income within the region. (Loan Pool III – 4/29/2004)
Section 8 Housing in Montgomery County. Loan money for Greenfield Commons allowed for conversion of a former PECO facility in Ardmore, Montgomery County, Pa., into 53 one-bedroom apartments for low income seniors. The building is managed under a 10-year Section 8 contract through the Montgomery County Housing Authority. (Loan Pool III – 12/19/2006)
Townhouses for Low Income Individuals. The Interfaith Housing Development Corporation of Bucks County received two loans, for establishing a new, 20-unit townhouse development. Interfaith Housing Development Corporation of Bucks County is an interfaith partnership of 30 Catholic, Protestant, Jewish, and Quaker organizations created in 1987 to address the needs of the homeless and the lack of affordable housing within Bucks County, Pennsylvania. Their mission is to provide housing for sale or rent to low income families and the homeless, and to assist them in becoming self-sufficient.
They create affordable housing by rehabilitating "blighted" homes or occasionally building new ones. These homes provide the right opportunity for low income and homeless families to secure permanent housing. They can buy, rent, or lease-purchase one of their homes. Volunteers are used to do much of the work, which keeps construction costs low, so savings may be passed on. (Loan Pool III – 5/11/2007)
Emergency Shelter and Transitional Housing. Working with the Keystone Opportunity Center, Community Lenders provided a loan to convert a single-family home into 4 apartments in, Sellersville, Bucks County, Pa. Clients of IVHC will receive emergency shelter or transitional housing here while receiving counseling on homelessness prevention. IVHC’s goal is to help people become self-sufficient. (Loan Pool III – 4/6/2007)
Group homes for adults with developmental disabilities. BARC received two loans to purchase two houses that serve as group homes for adults with developmental disabilities. The single-family homes, which are located in Sellersville, Pa., and Hilltown, Pa., are home to as many as 11 adults who receive support and services from BARC. Based in Holicong, Pa., BARC is a non-profit organization that provides services for 900 adults and children with developmental disabilities in Bucks County. (Loan pool IV – 5/15/08)
Permanent, independent housing for low-income individuals and adults with disabilities. Our loan to Arch III Associates helped finance renovations of Powelton Gardens, a 16-unit building housing low-income individuals, some of whom have mental or physical disabilities. Most of the project was funded by a tax credit syndication—Community Lenders closed the gap to provide the rest of the project’s financing. The building is managed by non-profit 1260 Housing Development Corporation. (Loan Pool IV – 10/8/08)
A Home for a Low-income Family. Our loan to Community Action Agency of Delaware County (CAADC) paid off the construction loan on a single family home in Sharon Hill Commons in Sharon Hill, Pa. CAADC rents the home to a family that falls beneath the area median income for Delaware County, with the hopes that the family will eventually be able to purchase the home. (Loan Pool IV – 12/4/2008)
