Home Economics: Agency gets those in need into affordable apartments

Creating affordable housing for disabled people adds considerably to project costs, said David Hahn, CPM’s director of construction, who oversaw the seven-month effort to make a 1920s-era garden-apartment-style building with “lots of interior structural issues” livable.

“The gut rehab of this building” – one of six comprising 32 units along slightly more than a block of 56th Street – “cost $165,000 per unit,” Hahn said. “We figure that to meet the needs of physically disabled tenants, we have to add $40,000 to that.”

In total, the project cost $10.96 million, funded by an equity investment from PNC Bank, generated by low-income-housing tax credits from the state Housing Finance Agency.

Helping CPM along is a $3 million grant it won from the U.S. Department of Housing and Urban Development’s Energy Innovation Fund this fall to increase energy awareness among tenants and reduce costs by 20 percent.

Philadelphia Inquirer

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