Pennsylvania

Five families buy affordable homes at Point Breeze | Local News

After 30 years of building affordable homes, a program led by the Women’s Community Revitalization Project (WCRP) will house five families and individuals when they move to a townhouse in the Point Breeze section of South Philadelphia. I became the owner.

Known as Mommy Nicholas Homes, the townhouse is named after the activist and founder of the Point Breeze Federation. This is the first development from the Community Justice Land Trust (CJLT), a non-profit organization sponsored by WCRP. The family moved at the end of last year.

Taking advantage of low-income housing tax credits, WCRP has built hundreds of affordable housing units. This is the city’s first project to use a land trust model for home ownership. This is the model that other Philadelphia groups want to duplicate.

“CJLT is pioneering a new, affordable housing model that allows long-term residents to stay in Point Breeze and maintain the structure of the community,” said Nora Lichtash, executive director of WCRP.

WRCP has developed a home in collaboration with Innova Service Corp., a longtime reinvestment fund borrower. The company has developed a number of affordable housing units at Point Breeze since 2009, many of which are funded by the Reinvestment Fund.

In addition, WRCP received affordable housing grants from Pittsburgh’s Federal Mortgage Bank and Fulton Bank, and received some financing from the Reinvestment Fund.

The community land trust model guarantees a lasting and affordable price by developing housing on land owned by nonprofits.

“Point Breeze has historically been a black neighborhood, but it’s also a neighborhood where many African Americans are being kicked out for gentrification and increased asset value,” said educator and new resident of Mami Nichols. Tierra Rich, 31, said. House. “By owning a home, I’m planting roots that will strengthen my future and the future of the Point Breeze community.”

Rich, who moved to Philadelphia about 10 years ago, lived in an apartment and her previous experience was how real estate values ​​and rising rents are pricing some people from the market. I said I showed her. The pandemic of 2019, like many others, has made Rich financially unstable.

According to Lichtash, the house was sold to selected people through outreach activities that contacted churches and community groups in South Philadelphia.

“We did a lot of outreach in the neighborhood,” Lichtash said.

They were sold to people or families whose income did not exceed 80% of the city’s median income. For a family of four, it’s $ 72,100. And WCRP provided down payment assistance to homebuyers.

Local data confirms Rich’s belief in rising home prices. Over the last two decades, Point Breeze gentrification has boosted home prices and lowered affordability in the region for many long-time residents.

For example, some of Point Breeze’s new homes sell as much as $ 500,000, Richteash said.

The total cost of building a Maminocols home was about $ 1.5 million, or about $ 300,000 per home. However, the subsidy allowed the group to sell the home for less than $ 150,000. As a result, homebuyers are limited in how much they can sell their homes in order to maintain affordability.

In addition to the five town horns, Mami Nichols’ housing development also includes 33 rental units under construction on Reed Street and S. Capitol Street. Of that total, 22 are town homes for families and 11 are one-bedroom or efficient apartments for veterans with special needs.

“As the name implies, Maminocols townhouses put the needs of the local community first and at the same time serve as an inspiration for the next generation of affordable home advocates,” said Lichtash.

WCRP has also developed 36 rental homes in Port Richmond (Gracetown Homes) and 35 rental homes in Germantown (Nicole Hinestown Homes). Financing for new rental / purchase development on the Glaze Ferry has been approved and construction is expected to begin this year.

Since its founding in 1987, the WCRP has focused on improving the housing, economic and social conditions of low-income women and their families. This group is the main organizer of the Philadelphia Union for an affordable community, including 68 community developers and other groups. The coalition is working to combat gentrification in a rapidly growing region.

Elizabeth Franz, senior director of lending and investment for the reinvestment fund, said she provided a $ 1.4 million construction loan for development.

“I’m really honored to have the opportunity to support a women’s community revitalization project at Mommy Nicholas Homes,” Franz said. “Housing is in a neighborhood that has experienced rising selling prices and loss of affordability in recent years.”

“We were really excited about WCRP’s land trust model to ensure that homes are permanently affordable for current buyers and families,” Franz said. “This fits in with the Reinvestment Fund’s mission to give everyone access to essential opportunities for prosperity, including affordable housing.”

Five families buy affordable homes at Point Breeze | Local News

Source link Five families buy affordable homes at Point Breeze | Local News

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