$17.7M Public Housing Redevelopment Launches In Montco

WILLOW GROVE, PA -- Federal, state, county and municipal officials on Tuesday celebrated the highly anticipated start of construction in the redevelopment of Crest Manor, located in Willow Grove, Pa., in the Crestmont neighborhood of Abington Township, according to a news release.

Originally built in 1963 by the Montgomery County Housing Authority (MCHA), Crest Manor is in need of critical functional and aesthetic improvements. MCHA has partnered with Pennrose Properties, LLC to redevelop and revitalize the community, and Pennrose Management Company to provide professional management oversight.

The scope of revitalization on the 4.48 acre site includes substantial rehabilitation of 15 of the existing two-story twin buildings, demolition of one two-story twin building with new construction of a two-story building in its place, demolition of the existing maintenance facility, and new construction of a two-story building in its place. Upon completion there will be a total of 15 renovated twin buildings, three newly constructed multi-unit buildings and one new constructed community and maintenance building, all totaling more than 49,492 square feet. The redeveloped community will provide 46 units of vibrant, affordable housing to Montgomery County families, spanning apartment sizes from one to five bedroom floorplans.

“This redevelopment was a true community partnership,” said Kyle Speece, senior developer, Pennrose Properties, LLC. “MCHA was truly vested in understanding the needs and wants of current Crest Manor residents, as well as other stakeholders in the community.”

Speakers at the presentation included Josh Shapiro, chairman, Montgomery County Board of Commissioners; Valerie A. Arkoosh, M.D., MPH, vice chair, Montgomery County Board of Commissioners; Joel A. Johnson, AICP, P.H.M, executive director, Montgomery County Housing Authority; Wayne C. Luker, president, Abington Township Board of Commissioners; Anthony W. Luker, district office director, Office of U.S. Representative Brendan Boyle; Kathleen Joyce, district director, Office of PA State Representative Madeleine Dean; Kyle Speece, senior developer, Pennrose Properties, LLC; Mark Schwartz, Esq., board member, Pennsylvania Housing Finance Agency; and Tracy F. Fletcher II, vice president & community development officer, Fulton Bank.

The $17.7 million of funding for the redevelopment came from a variety of sources, including over $12.4 million in equity from Alden Torch Financial/JPMorgan Chase generated from the syndication of low income housing tax credits allocated by the Pennsylvania Housing Finance Agency (PHFA), a $750,000 PHFA PennHOMES loan, $2.725 million Montgomery County Housing Authority loan, $1 million in Montgomery County Affordable Housing trust funds, $200,000 of Community Development Block Grant funds allocated by Abington Township, and a $648,000 private loan from Fulton Bank. Wallace Roberts & Todd, LLC provided architectural services for the redevelopment, and Harkins Builders will be the general contractor.

Image via Pennrose. From left to right: Rev. Dr. John E. Douglas, MCHA Board Member; Joel A. Johnson, AICP, P.H.M, executive director, Montgomery County Housing Authority; Rev. Charles W. Quann, vice chair, Montgomery County Housing Authority; John F. Nugent, III, MCHA Board Chair; Josh Shapiro, chairman, Montgomery County Board of Commissioners; Alicia West, Crest Manor resident; Valerie A. Arkoosh, M.D., MPH, vice chair, Montgomery County Board of Commissioners; Mark Schwartz, Esq., board member, Pennsylvania Housing Finance Agency; Kyle Speece, senior developer, Pennrose Properties, LLC; and Anthony W. Luker, district office director, Office of U.S. Representative Brendan Boyle.