Paseo Verde, Pennsylvania
Location: Philadelphia, Pennsylvania
Completed: Spring 2013
Number and type of affordable/social housing dwellings: Paseo Verde is a mixed-use, mixed-income development consisting of 120 one, two and three-bedroom apartments. 67 of these are targeted towards households earning less than 100% of annual medium income (AMI) for the area, and 53 apartments are allocated for households earning 20-60% of AMI (or below $68,000USD).
Area of housing continuum: Affordable housing
Client group served: Mixed income, including low to moderate income earners
Project value: $47.3 million/ 206,000 square feet
How it was delivered: The site was sold by the City for $1 in 2010 to Asociación Puertorriqueños en Marcha (APM), a local not-for-profit organisation specialising in community, social, and health services and economic development, as well as New York City-based based Jonathan Rose Companies.
Funding: The project utilises a combination of public financing sources from Federal, State, and City sources. This includes PHFA Low Income Housing Tax Credits, and funding from the Federal Home Loan Bank AHP program, Office of Housing and Community Development (OHCD) Housing Trust Fund Program, and New Market Tax Credits.
How affordability is ensured long term: A proportion of the housing managed by Asociación Puertorriqueños en Marcha (APM), a local non-profit organization.
Other information: The development demonstrates sustainability through various elements including roof gardens, a photovoltaic system, and a roof drainage system connected to infiltration basins. It also features a garden, a sidewalk promenade bordering three sides of the complex, streetscape integration through ground level retail, a community room open to residents and the public, and a public plaza. In addition to 67 car parking spaces, Paseo Verde offers car sharing and bicycle storage.
Awards: Delaware Valley Regional Planning Commission, Regional Excellence Award, Regional Land Use Project of the Year, 2013; AIA Pennsylvania Award for Architectural Excellence, Citation of Merit, 2012.
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