The developer is locally based Y Community Development Corp., an affiliate of the YMCA of York and York County. On completion, the development will be valued in excess of $5.2 million. Lancaster, PA-based Tippetts/Weaver Architects and locally based Wagman Construction are also members of the development team.
The complex will contain one studio and one-four-bedroom, 11 one-bedroom, 13 two-bedroom, and 12 three-bedroom units. The property totals 40,306 sf, including 306 sf of community space.
PHFA advances a developmental loan of slightly more than $1.1 million and allocates $330,481 in rental housing tax credits. The credits, allowed each year for 10 years, will be sold in syndication at a present value of about $2.8 million, which will be used as equity to develop the property.
In addition, the city of York is providing a $350,000-federal Home Investment Partnership program loan and a $700,000-community development block grant. The state's Historic and Museum Commission is offering $943,000 in historic tax credits, and York's redevelopment authority is donating the land and buildings, valued at $86,700.
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