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MPB School Preservation Project Receives LIHTC Allocation
 
MPB School Preservation Project Receives LIHTC Allocation
Saturday, April 14, 2012


The Pennsylvania Housing Finance Agency has awarded 1260 an allocation of low income housing tax credits for the preservation of 28 units of affordable housing in the Strawberry Mansion section of North Philadelphia.

The equity generated from the credits will provide $8.3 Million to support the substantial rehabilitation of this historic parochial school building and provide much-needed affordable housing for working class families in this neighborhood.

This historic building once housed the parochial school for the adjacent Most Precious Blood (MPB) Roman Catholic Church. The MPB School was renovated 20 years ago as a low income housing tax credit project.  1260 took it over in 2008 with the intent of preserving this affordable housing for low income families in this improving area of the city. It is anticipated that construction will be completed in late 2013. The rehabilitation work is designed to meet Enterprise Green Communities Criteria.

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