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.