The 481 CEI-Boulos Impact Fund has invested in the redevelopment of a property in Philadelphia. The project will bring affordable workforce housing units to the neighborhood. This is the third affordable housing investment in Philadelphia in less than a year.
481 CEI-Boulos Impact Fund Invests in Affordable Housing Project
The former Cornerstone Baptist Church property will be redeveloped into 44 affordable housing units. Select Redevelopment will convert the long-vacant historic building.
The official announcement states that the site is located at 2117 N. 33rd Street, across from Fairmount Park. It is part of the N. 33rd Street Redevelopment Project and has been vacant for more than five years. The project will restore the vacant property and add new housing to the neighborhood.
It is the second affordable housing investment in the Strawberry Mansion neighborhood. Together, the fund’s three Philadelphia projects are expected to create 139 affordable housing units. The project will help expand affordable housing while restoring a historic community landmark.
“The 481 CEI-Boulos Impact Fund is proud to be supporting this socially impactful project to bring new life to this important, though long-vacant, community asset,” said Sam Spencer, CEO and Managing Director of CEI-Boulos Capital Management.
Project Details
The project received an investment from the $25 million 481 CEI-Boulos Impact Fund. It is a partnership between TD Bank and CEI-Boulos Capital Management. The fund supports community-focused real estate developments across the Philadelphia region.
“Addressing housing affordability in Philadelphia requires practical, community-driven solutions,” said Hugh Allen, Head of U.S. Commercial Real Estate, TD Bank U.S. “Through our investment in the N. 33rd Street Redevelopment Project, we’re helping bring much-needed workforce housing to Strawberry Mansion while supporting the redevelopment of a long-vacant community asset. By partnering with experienced local developers, we can help move projects like this forward and expand housing access for working families.”
All apartments in the project will be for households earning below 80% of the Area Median Income. Among these, 23 units will remain income-restricted for at least 20 years. It will include 29 one-bedroom units, 14 two-bedroom units, and one studio apartment. The project will also accept Philadelphia Housing Authority Housing Choice Vouchers.
The project will preserve much of the existing structure, reducing demolition waste and construction-related emissions. The building will also feature all-electric systems, energy-efficient appliances, and indoor bicycle storage.
Once completed, the redevelopment will add 44 affordable workforce housing units to the Strawberry Mansion neighborhood.
