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PHILADELPHIA-The Pennsylvania Housing Finance Agency has approved the issuance of $15 million in tax-exempt bonds for the rehabilitation of Riverside Senior Apartments. This is the largest of four multifamily projects in as many counties to be granted an aggregate of approximately $19.5 million from PHFA. On completion, the aggregate value of the four properties will total nearly $31.5 million, according to a statement from Gov. Ed Rendell’s office.

Riverside is a 10-story facility for people age 62 or older. The funding will be used to renovate the building’s existing 100 one-bedroom and 50 studio units. The property, located at 158 N. 23 St. in the Logan Square neighborhood of Center City, is 100% occupied. There will be a floor-by-floor relocation as renovations are carried out.

PHFA has also provided loans and tax credits aggregating about $1.2 million to rehabilitate Madison Grove, a nine-building, 50-unit rental complex on Grove City Road in Slippery Rock. An aggregate of approximately $1.5 million in funds and tax credits has also been awarded for the rehabilitation of 13 rental units for seniors at 120 Market St. in Newport.

In addition, PHFA is providing nearly $2 million in tax credits for construction of a new, three-story, 24-unit senior housing apartment building at the corner of Second and Becker streets in Danville. PHFA is the commonwealth’s leading provider of capital for affordable housing.

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