WEST CHESTER (October 14, 2021) – An important project to bring 50 affordable senior housing units to the Borough of Phoenixville is on track to receive nearly $1.2 million in tax credits through the Pennsylvania Housing and Finance Agency (PHFA).
PHFA announced today that $1.187 million in Low Income Housing Tax Credits has been conditionally reserved for the Hankin Group’s proposal to build 46 one-bedroom and 4 two-bedroom affordable housing units at 115 Buchanan Street in Phoenixville. The units, reserved for those age 62 and older, will be available at or below 60 percent of the area median income.
“We are truly grateful for the support we received from the borough, county and our state leaders. Providing affordable housing for seniors has been the most gratifying work of my career and we are happy to partner with the borough to create a safe and beautiful community for those 62 and older. It was with love and care that we restored and repurposed the Phoenixville Foundry in 2008 and we look forward to breaking ground on another new landmark in Phoenixville’s continuing renaissance,” said Robert Hankin, President and CEO of the Hankin Group, said.
The new apartment community, estimated to be about 54,000 in total square feet, is envisioned as a place where residents can maintain an active lifestyle within a safe, walkable, and welcoming downtown. Meanwhile, access to reliable public transportation is located nearby, not to mention numerous opportunities for community involvement, educational programming, social activities, and quality health care services.
The announcement was welcomed by state and local officials, including Senator Carolyn Comitta, state Rep. Melissa Shusterman, and state Rep. Danielle Friel-Otten who continue to support this and other important investments in affordable housing opportunities throughout the region.
“With a thriving downtown business district and premier shopping, dining, and entertainment opportunities, the Borough of Phoenixville has blossomed into a top destination in southeastern Pennsylvania. With such success comes the demand for housing and rising housing costs,” Comitta said. “These tax credits help ensure housing availability for our older friends and neighbors so that those who helped lay the groundwork for the borough’s current success can continue to be part of the Phoenixville community and enjoy all its ongoing revitalization has to offer.”
“I extend my congratulations to the Hankin Group for earning the 2021 PHFA award! The PHFA recognizes the need for sustainable, affordable housing for all residents. I am pleased to recognize the Hankin Group for their dedication to this cause, and for a job well done,” Shusterman said.
“For communities like Phoenixville that have experienced so much growth, it is imperative they have access to affordable housing options. As we continue to recover from the pandemic, we have seen how important affordable housing can be to one’s health and quality of life. I am grateful for this investment in our community from the PHFA and the Hankin Group,” Friel Otten said. “Thank you to all of our community partners for their efforts to secure this vital funding.”
“The borough partnered with The Hankin Group by contributing the land for this project and is excited by the opportunity to provide homes for some of our most vulnerable citizens, which includes an 11.5 percent senior population. This great project is in a location that is in direct walking distance of nearby shops and restaurants in downtown Phoenixville,” said Phoenixville Borough Manager E. Jean Krack.
The Phoenixville project comes as part of more than $43.6 million in low income housing tax credits announced for 37 affordable housing developments statewide. Along with $7.4 million in PennHOMES funding and more than $15.9 million in National Housing Trust Funds, these investments will support the construction of 1,974 affordable multifamily rental units across the Commonwealth.
“Tax credits are the best tool we have for supporting the construction of affordable rental housing in Pennsylvania,” said PHFA Executive Director and CEO Robin Wiessmann. “Our mission at PHFA is to expand affordable housing options for the state’s residents, and these developments receiving tax credits today will help us do that.”
“The pandemic has shown just how important affordable housing is for people’s health and quality of life,” said Gov. Tom Wolf. “I’m pleased that we are able to help fund the construction of these new rental units to meet the demand for more affordable housing in the commonwealth.”