|
 NEWS ABOUT US PORTFOLIO HOUSING RESOURCES CONTACT HOME
|
News Updates: (show all)
MPB School Preservation Underway
MPB School Preservation Underway Monday, January 07, 2013 This historic parish school in North Philadelphia and the 28 affordable apartments inside are being restored and preserved, thanks to an allocation of low income housing tax credit from the Pennsylvania Housing Finance Agency.  The MPB School is listed on the National Register for Historic Places and has unusual and attractive architectural features. In the photos below, you can see the restoration of the historic bell tower, as well as the wide hallways that give this building its character. The school building was converted to affordable housing in 1993.
  Market studies show that residents of this neighborhood are particularly dependent on subsidized or below-market rentals. Due to recent growth in North Philadelphia, particularly around Temple University, an increase in rents and real estate values spurred by increasing demand for student housing has contributed to a disturbing 14% loss of North Philadelphia’s subsidized units over the past five years, making the preservation of these affordable rental units even more important to the community. The equity generated by the tax credits will fund a major rehabilitation of the project, keeping the project affordable to residents with incomes at or below 20-60% of Area Median Income. The area surrounding the development is the focus of numerous community-planning and redevelopment efforts, and this project contributes to a tangible sense of community revitalization. Labels: energy efficiency, Enterprise Green Communities, historic, MPB School Apartments, North Philadelphia, preservation, rehabilitation |
| 2042-48 Arch Street, 2nd Floor Philadelphia, PA 19103 Ph: 215.557.8484 TTY: 215-496-0321 Email: ContactUs@columbuspm.org |
| Copyright 2010. 1260HDC, Inc. All rights reserved. |