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Pradera “The Meadows” Homeownership
Location:
1900 blocks of North 8th and Franklin Streets,
700 block of Berks Street
Developer:
Asociación Puertorriqueños en Marcha (APM)
Phase 1:
50 units
Twin - $55,000
Single - $60,000
Supporters:
City of Philadelphia $2.7 million
Pennsylvania Housing Finance Agency (PHFA) $1.7 million
Local Initiatives Support Corp. (LISC) Predevelopment Money
Targeted Neighborhood $500,000
The Reinvestment Fund Predevelopment Money
Federal Home Loan Bank - Pittsburgh $500,000
Nationwide Insurance Co. $50,000
Description:
Pradera Phase 1 is a 50-unit homeownership initiative targeted to persons
whose income is at or below 80% of median income and who are first-time
homebuyers. There are 22 twins and 6 single two-story dwellings with
each unit having off-street parking and a fenced-rear yard garden. The
streets are tree lined and have new curbs and sidewalks. Pradera was
selected by the Pennsylvania Housing Finance Agency to receive funding
through the Homeownership Choice Demonstration Program, an initiative
to stimulate development in distressed urban areas of major cities within
the Commonwealth. OHCD and the Redevelopment Authority are partners
with APM in this development.
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Pradera Phase 2
Location:
1700 -1800 blocks of North 7th and 1800
block of Franklin Street
Developer:
Asociación de Puertorriqueños
en Marcha (APM)
Phase 2:
Pricing $70,000 to $95,000
Phase One sold for $55,00-$60,000 and within one year were appraised
at $90,000
Description:
Building on the success of Pradera Phase
One a 50 unit homeownership development Pradera Phase Two will provide
additional homeownership opportunities to community residents of North
Philadelphia and the Metropolitan area. This phase targets first-time
homebuyers whose incomes are low to moderate (80% to 120%). The unit
mix is a combination of ranchers, duplexes and single family dwellings
with porches and off street parking. A Homeowners’ Association
was established in Phase One and will be extended into Phase Two. Housing
counseling services to homeowners and technical assistance and support
for the homeowners association will come from the developer. The development
is a part of a larger strategic plan developed by the community.
Project Funding:
Total development costs $4 million. The
City of Philadelphia’s Office of Housing and Community Development
and the Philadelphia Redevelopment Authority are partners with APM in this development.
Supporters:
City of Philadelphia
- Capital for construction $3,575,000
PHFA $2,700,000
Mortgages $4,375,000
Federal Home Loan Bank $600,000
Bank of America $60,000
Nationwide Insurance $55,000
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