Phoenixville Gets $1.2 Million For Affordable Housing

PHOENIXVILLE, PA — Phoenixville has received significant state assistance to help expand its affordable housing efforts, a touchstone policy issue for lawmakers and community leaders in a rapidly developing area.

The borough received $1.2 million in tax credits from the Pennsylvania Housing Finance Agency, officials announced Monday. The funds will be used for the 50-unit affordable apartment unit on 115 Buchanan Street.

“This money will allow us to expand upon our mission of ensuring our most vulnerable neighbors have equitable access to affordable and stable housing,” State Rep. Melissa Shusterman said in a statement. “We have seen during the course of the pandemic how vital these resources are, and I am happy to see such an investment to approve the lives of our aging population.”

Chester County developers, the Hankin Group, are building on the borough property at 115 Buchanan Street, which is the site of the former Public Works building.

The borough contributed the land to Hankin through a Pennsylvania Housing and Finance Authority deed, where delayed payments will be paid over the course of 35 years. This agreement allowed Hankin to plan a development with only affordable units.

The 50-unit building is reserved for residents 62 and over. Units will be available at 60 percent below the area's median price.

“This news will be a welcome sign of relief for some of those within our senior community who may be looking for more affordable housing options,” Shusterman added. “For those on a fixed budget, the price of housing continues to rise, and these tax credits will offer more housing options with the underlying goal of offsetting some of the financial burdens facing our elderly neighbors.”

Statewide, similar funding will help build 1,974 affordable multifamily rental units across Pennsylvania.