X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HARRISBURG, PA-The Pennsylvania Housing Finance Agency awarded $1.5 million in funds and $660,000 in tax credits for construction of French Creek Manor, a 70-unit rental complex for residents age 62 and older in Phoenixville, PA. The developers are Philadelphia-based Pennrose Equities and Halliday Properties Inc.

The three-story, 77,000-sf development on North Mason Street will contain 46 one-bedroom units, 24 two-bedroom units and 2,000 sf of community space. Chester County will provide additional funding for the property, which, on completion, will be valued at approximately $8.4 million.

Architects for the endeavor are Wayne, PA-based Abby Victor-Schwartz and Exton, PA-based Knabb Partnership. Harkins Builders of Marriottsville, MD is general contractor, and Kingston, PA-based Pennrose Management Co. will manage the property and provide housing services. The funding is from PHFA’s PennHomes multifamily development and housing tax credit program.

PHFA also approved $12 million of tax-exempt bond-issuing authority to rehabilitate and preserve three existing rental developments with an aggregate of 369 affordable housing units in Erie and Sharon, PA in Mercer County.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.