State Hands Out $11M for Affordable Rental Housing

Jamestown Village is a 32-year-old, 275-unit rental development at 300 Lackawanna St. in Reading. PHFA is providing nearly $9.6 million in bond financing and just over $1 million in housing tax credits for renovation and preservation of the 10-acre, 260,730-sf, 16-building complex along with construction of a new, 4,200-sf community building. The complex contains 121 one-bedroom and 154 two-bedroom units.

SunAmerica Affordable Housing Partners Inc. is providing the equity contribution of nearly $6.5 million from its sale of PHFA's tax credits. The property owner is South Portland, ME-based New Jamestown Development Co. LLC, which hopes to relocate current tenants to existing vacant units while repairs and upgrades are under way. Chelsea, MA-based Architectural Team is the architect. Harkers Builders of Marriottsville, MD is general contractor, and Preservation Management of South Portland is the property manager. Replacement value for the completed complex is estimated at just over $16 million.

PHFA is also providing $331,319 in funding and $61,144 in tax credits to complete Heritage Square II on Maple Street in Mercer. The developing partnership will construct a two-story, 10-unit building for persons aged 55 and older. The developer, Mercer Housing Limited Partnership II, is comprised of the Housing Alliance of Indiana County Inc., TREK Development Group Inc. and Community Homebuyers Inc.

The Mercer County Housing Authority, which will manage the property, is providing a $213,705-loan to the development, and S & T Bank is making an equity contribution of $327,223 from sales of the tax credits. On completion, total replacement cost of the development is $872,247.