PEC News / Events

4050 Apartments Grand Opening January 25 2pm
20 Affordable Housing Units at 40th and Haverford

 

PEC started the new year with a grand opening and ribbon cutting ceremony for its latest affordable housing project, 20 apartments located at 4050 Haverford Avenue in Philadelphia, at 2pm on Wednesday, January 25, 2017.  Over 100 people attended the event, participating in two art projects to commemorate the moment.  The development, for low-income artists, families and others, is expected to be fully occupied by the end of March.

The 4050 Apartments are located just off of Lancaster Avenue in West Philadelphia.  Lower Lancaster Avenue is home to the second largest community of artists in Philadelphia, who have long been attracted to the area by its stock of affordable housing, public transit availability, active arts groups, and close proximity to galleries and educational institutions.  With current housing costs rising to levels that could push out lower income artists, 4050 Apartments aims to preserve an important part of what defines the Lower Lancaster Avenue communities.

"PEC's mission supports housing for families and strengthening the neighborhoods that they live in," noted PEC President Kathy Desmond from the podium," PEC currently operates 243 units of affordable emergency, transitional, permanent and supportive housing largely dedicated to low-income families. The addition of housing designed to support other households aligns with goals put for by the local community during the latest neighborhood planning process."

"With current housing costs rising to levels that could push out lower income artists, which may also be working families, 4050 Apartments aims to preserve an important part of what defines these communities."

Successful applicants to the 4050 Apartments qualified under the income guidelines set forth by the Philadelphia Housing Authority and the Pennsylvania Housing Finance Agency.  The leasing process was open to all that met the income limits, with occupancy preference given to active artists at any point in the careers in need of affordable housing. 

PEC has been building affordable housing in the Lower Lancaster Avenue area of Philadelphia's Promise Zine for more than 20 years.  The project is a product of PEC's committment to the arts in our West Philadelphia Community.  The Philadelphia Housing Authority (PHA) is supporting the project with project-based vouchers.

"There is an affordable housing crisis that PHA cannot solve alone.  By working with partners like PEC, we are able to ensure that every neighborhood, including University City has quality homes for lower-income families," said PHA President and CEO Kelvin A. Jeremiah. "PHA is proud to support PEC's good work and commit $4.4 million to these homes over the next 15 years."

Other funders supporting the development of the 4050 Apartments include:

  • Pennsylvania Housing Finance Agency and the National Equity Fund with KeyBank
  • Federal Home Loan Bank of Pittsburgh with TD Bank
  • Federal Home Loan Bank of New York with KeyBank
  • PA Department of Community and Economic Development
  • Philadelphia Division of Housing and Community Development
  • Philadelphia Commerce Department
  • Community Lends Community Development Corporation
  • Local Initiatives Support Corporation
  • Philadelphia Redevelopment Authority

 Partners included:

  • Regional Housing Legal Services
  • Sherick Project Managment
  • Allied Construction Services
  • PZS Architects
  • Studio Bryan Hayes
  • Eustace Engineers

Councilwoman Jannie Blackwell; Deputy Director for Housing and Community Development, City of Philadelphia Fred Purnell; Director of Development, Pennsylvania Housing Finance Agency Holly Glauser; Executive Director, Philadelphia Local Initiatives Support Corporation Andrew Frishkoff; Executive Director, Community Education Center Terri Shockley; partners, neighbors, artists, members of PEC's Boards of Directors, and the project teams were on hand to cut the ceremonial ribbon.

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