The Pennsylvania Housing Finance Agency has awarded 1260 an allocation of low income housing tax credits for the Temple II North Gratz project.  This is the final piece of the financial puzzle that includes historic tax credits, Federal Home Loan Banks of Pittsburgh and New York, City of Philadelphia funds and a permanent mortgage.

The equity generated from the credits, in addition to historic tax credits, will provide $11,066,825 in funding to support the preservation of 40 units of affordable housing on the 1500 block of North Gratz Street in North Philadelphia. The project was originally renovated over 20 years ago as a tax credit project, and 1260 took it on after the initial compliance period ended in order to revitalize and preserve it as affordable housing in an area that has great need for that type of housing, but is in danger of losing it to student housing for Temple University.

It is anticipated that closing on all funding sources will take place in the fall and construction will be completed in late 2011.

Labels: LIHTC, North Gratz Street, North Philadelphia, preservation, rehabilitation, Temple II

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