Creating Affordable, Eco-Friendly Senior Living

Project Vitals

Location:
Paxton Place
1100 S. 20thStreet
Harrisburg, PA 17104
Description:
Property acquisition, site development, construction, bridge and/or permanent financing
Partner/Borrower:
Monarch Development Group, LLC & co-developing with Paxton Ministries
Loan Amount /Total Project Cost:
$756,121/$8,649,594

Overview

The 37-unit senior living project, Paxton Place is a shovel ready development and was conditionally awarded tax credits in April 2018 from PFHA as truly “ready to proceed”development. Paxton Place received full land development approval in June 2017, a full plan and spec bid set was finalized along with full construction cost bidding, this was all made possible by $100,000 from IMPACT Harrisburg funds. The market study identified age and income eligible households in the primary market area, and the senior population growth rate is 10 times the overall population growth rate in the Harrisburg market area. This strategic investment of 8.6 M will have a positive impact on furthering neighborhood improvement and will add to the tax base in the Act 47 Distressed City of Harrisburg.

Partner Roles

Monarch ensures that all buildings developed are built with environmentally-friendly technology and building practices since green buildings benefit communities and make housing more affordable to residents. Paxton Ministries, a501(c)(3) nonprofit organization, provides affordable housing and support services to adults in need, many of whom are challenged with poverty, mental illness, or intellectual disabilities serving the community for 37 years.

The LHOP Contribution

LHOP provided a $756,121 permanent loan for construction of 37 apartments for households aged 62 or older. The project includes; eighteen (18) apartments will remain available and affordable to prospective tenants earning at or below 60% AMI, fifteen (15) will be restricted to household at or below 50% AMI, and four (4) units will be fully accessible, one additional unit will be hearing/vision accessible, and all units be visitable.

Special Thanks To

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