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HARRISBURG, PA-Pennsylvania Housing Finance Agency has approved funding of just more than $2 million for construction of Park View at Cheltenham, a 75-unit rental building on a former school site in Cheltenham Twp. The financing includes a loan of approximately $1.4 million from PHFA’s PennHOMES multifamily development program and $664,559 in tax credits.

Units in the three-story building are for occupancy by people age 62 and older. They include 52 one-bedroom and 23 two-bedroom units. Eight will be designed for people with mobility impairments and two will be equipped to accommodate people with vision or hearing difficulties. The aggregate size of the building is 68,685 sf including a 1,790-sf community space.

The developer is a partnership between Annapolis, MD-based Homes for America Inc. and Shelter Development LLC of Baltimore. Marriottsville, MD-based Harkins Builders Inc. is the general contractor and the architect is Westmont, NJ-based Kitchen & Associates Architectural Services.

Additional funding for the development includes just over $4.8 million in equity from MMA Financial’s sale of the housing tax credits, a community lenders’ CDC amortizing loan of about $1.4 million, and a similar size loan from the Montgomery County affordable housing trust fund. The value of the building, on completion, is estimated at in excess of $9 million.

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