Catholic Housing and Community Services of the Archdiocese of Philadelphia (CHCS) announced Aug. 1 that it has been awarded tax credit allocations totaling more than $16.1 million to develop St. Katharine Drexel Place, an affordable senior housing project to be located in Northeast Philadelphia.
The funds were approved by the Pennsylvania Housing Finance Agency (PHFA) on July 11. Funds include a federal tax credit which will be allotted as $1.431 million in annual credits over the coming decade, a $1 million Pennsylvania Housing tax credit, a $750,000 National Housing Trust Fund grant, and a $100,000 Health for Housing grant.
Apart from PHFA, Trinity Health has matched Health for Housing’s grant with an additional $100,000 in funding. This allocation follows the City of Philadelphia’s award of $3.5 million.
St. Katharine Drexel Place will be the eighth of its kind developed by CHCS, which provides a continuum of care to older adults throughout the five-county archdiocesan area.
Located at 11051 Academy Road in Northeast Philadelphia, the development is adjacent to Archbishop Ryan High School and involves the substantial rehabilitation of the former three-story school friary building as well as the construction of a new three-story addition.
Designed by CBP Architects, the complex will ultimately provide 48 one-bedroom units of affordable housing for income-eligible seniors 62 and older. On-site supportive services will include case management, health services, and recreational activities provided by CHCS and its partners.
Additional funding for the development is being provided by the City of Philadelphia, gap funding, and a loan along with rental subsidies from the Philadelphia Housing Authority.
“CHCS is thrilled that PHFA awarded Saint Katharine Drexel Place the funding to develop this vital housing in Northeast Philadelphia,” said Suzanne O’Grady Laurito, Director of CHCS.
Construction on the $23 million development is anticipated to begin in the fall of 2025.
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