With Help from Ballard Spahr, Project HOME Moves Forward with Supportive Housing Development
Ballard Spahr represented Project HOME—the nonprofit that empowers adults, children, and families in Philadelphia to break the cycle of homelessness and poverty—in the financing for the rehabilitation of the facility that will be used for its newest permanent supportive recovery housing development.
The project, a long-term recovery residence in Kensington, will see the conversion of the School of Nursing building near Temple University Hospital - Episcopal Campus in the 100 block of East Huntingdon Street. The five-story, 52,500-square foot facility will include supportive housing for up to 62 residents, all of whom will be eligible for employment and education services through Project HOME’s programs. Those in need will be provided with access to medical, behavioral health, and substance use disorder treatment and recovery services. Ultimately, the goal is for the development’s residents to sustain stable housing, increase skills and income, and reach their fullest potential. Additionally, Project HOME will provide a short-term safe haven offering shelter and services for up to 12 people beginning their recovery journey and space for Kensington outreach initiatives.
The supportive housing development will be financed in part with low-income housing tax credits through a public offering of tax-exempt bonds. Financing partners will include the Pennsylvania Housing Finance Agency, Raymond James Tax Credit Funds, Inc., the Philadelphia Housing Development Corporation, PNC Bank as an FHLB member bank, Bank of America and private partnerships. Additional financing for the supportive housing development and non-residential project is being provided by Project HOME.
Tax Partner Molly R. Bryson led the diverse Ballard Spahr team, which spanned the firm’s Affordable Housing and Community Development, Construction, Public Finance, Real Estate and Tax groups.
For further information, please visit Project HOME’s website page on the project.
For media inquiries, please contact Will Ashenmacher at 612.371.5792.