Pennrose Lands Financing for Philly-Area Senior Community

Children Phase IV. Courtesy Pennrose

A partnership between Pennrose, the Delaware County Housing Authority (DCHA), the County of Delaware and the Pennsylvania Housing Finance Agency has secured funding for the fourth and final phase of the redevelopment of the children’s park in Ridley Park, Pennsylvania. Delivery is scheduled for spring 2022. Phase IV will include 96 affordable units for seniors.

Children’s Park is 15 miles west of downtown Philadelphia and already includes 160 affordable apartments for the elderly and people with disabilities, 154 townhouses for families, a community building, and several community parks.

The proposed building will provide one- and two-bedroom units on six floors that will be available to residents earning less than 60 percent of the area’s median income. DCHA’s annual contribution contracts will subsidize 51 apartments, with the remaining units being sponsored by project-based vouchers. The property will also include a PACE Senior Care Center that will provide support services funded by DCHA.

The roof of the building corresponds to the standards of the Enterprise Green Communities and will be equipped with a photovoltaic system. Amenities in the common area include a common room, dining area, library, exercise room and laundry facilities.

DCHA, the Pennsylvania Housing Finance Agency, Delaware County, the Commonwealth of Pennsylvania, and Hudson Housing Capital and Citizens Bank provided financial support for the project. The team behind the project consisted of WRT as the architect, Kelly and Close Engineers and McDonald Building Co. as the general contractor.

DCHA named Pennrose as the developer of Kinder Park in 2012. The duo’s collaboration began almost two decades ago and includes the delivery of around 500 affordable units. In September, Pennrose secured funding for a fully affordable 70 unit community in Dover, New Jersey that offers veteran housing.

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