Creating Affordable Rental Housing
Construction of Affordable Rental Housing
Community Basics, Inc.
Loan Amount / Total Project Cost:
$350,000 / $13,703,000
The need for more affordable rental housing in Lancaster County is unmistakable. LHOP’s Housing Market Analysis completed in 2013 by a nationally renowned market analyst clearly points to this need. It also warns of potential housing market and economic stagnation in our County if not enough affordable rental housing is available for the next generation of young individuals and families.
Thanks to well established local non-profit developers such as Community Basics, Inc. (CBI) Lancaster County is in a better position to have housing for the labor pool…our friends and family, in our community. The project will provide 60 apartments near 61,000 jobs within a 5 mile radius. The apartments will be affordable to households earning up to 50% of area median income (AMI). In addition, 10% of the apartments will be set aside for people experiencing homelessness and another 10% will be fully handicap accessible.
Developers such as CBI cannot bring these projects to fruition on their own. From the land development process, to the securing of financing, to final construction, it is a lengthy, expensive and arduous process. Often in such projects, a financing gap still exists that only flexible, low interest loans can fill to bring the project over the hurdle. LHOP provided behind the scenes pre-development assistance and a loan commitment for their state low income housing tax credit application and will close in October 2014 on a $350,000 loan.