A new affordable housing project with 46 units in Philadelphia’s Strawberry Mansion neighborhood is breaking ground on Thursday, June 4. The development is intended to expand affordable housing options in the neighborhood.
Strawberry Mansion Is Getting a New Affordable Housing Development
The Diamond Street Affordable Housing Project will rise at 2800 Diamond Street in North Philadelphia. The project will alleviate the housing crisis in the neighborhood. It will help residents remain in the community while working to mitigate the threat of displacement and gentrification in the area.
The project is developed through a partnership between Iron Stone Real Estate Partners and Silver Wave Equities.
The Strawberry Mansion Community Development Corporation (CDC) has supported the project throughout the development process. The project has also received support from Philadelphia City Councilmember Keith Young Jr., State Representative Keith Harris, and Pennsylvania State Senator Sharif Street.
Inside the Affordable Housing Project on Diamond Street
The project will provide a new 49,745-square-foot building with 46 units. The building will include 43 one-bedroom apartments and three two-bedroom units. A total of 23 parking spaces and indoor bicycle storage for 16 bicycles will also be part of the development.
The property is located close to the major bus routes, bicycle lanes, parks, and commercial amenities as an urban infill project. Energy-efficient appliances, HVAC systems with high efficiency, and a green roof will help control stormwater and manage urban heat effects.
The land for development was purchased in partnership with the Philadelphia Accelerator Fund. It is a nonprofit loan fund that offers flexible financing for MBE developers to build affordable housing.
Financial Support and Affordability Initiatives
The project received a $2.7 million equity investment from the 481 CEI-Boulos Impact Fund. It is a $25 million real estate investment fund managed by CEI-Boulos Capital Management and operated with the support of TD as a single investor.
The fund is dedicated to community-based initiatives. It works in the Philadelphia region and the surrounding area within TD’s Community Reinvestment Act service areas.
One of the main elements of the project is affordability. The apartments are aimed towards those who are Philadelphia Housing Authority Housing Choice Voucher holders. Residents are expected to pay no more than 30% of their income for rent.
51% of the units in the project will be deed-restricted for voucher holders or households with incomes below 80% of the Area Median Income.
The initiative is needed to address housing affordability issues in the surrounding census tract. Many renters are classified as housing cost-burdened (HCB), meaning they pay more than 30% of their income on housing.
The development is expected to deliver 46 affordable housing units while incorporating sustainability features and income-restricted housing options.
