Press Release: PCG Finances Innovative Adaptive-Reuse Affordable Housing Project

Monday, July 29, 2013

Partners for the Common Good is excited to announce that it has partnered with Enterprise Community Loan Fund and National Housing Trust Community Development Fund to provide $900,000 of a $5 million loan to The Community Builders, Inc. (TCB). The loan will enable TCB to acquire and renovate 229 affordable housing units in 5 adaptive-reuse properties in South-Central Pennsylvania.

Based in Boston, TCB is the largest non-profit affordable housing developer in the United States. TCB believes that appropriate design is central to the long-term success and vitality of a neighborhood. With this model in mind, they create housing that is physically integrated into the surrounding community, draws on broad political and financial supports, and allows residents to actively participate in decision-making.

Throughout its 45-year existence TCB has completed 320 projects, encompassing 25,000 housing units, 15 states, and $2.5 billion in financing. This project will acquire property across South-Central Pennsylvania and address the immediate capital needs of the units. These properties are all “adaptive reuse” properties; four were previously factories, one was formerly a hospital, and two are on the National Register of Historic Places. Two of the properties were also at risk of losing their tax credit status as their compliance period had expired. 

PCG could not be happier to work with such an established and inspired organization. Jeannine Jacokes, Partners for the Common Good CEO, said, “The Community Builders has an excellent track record in providing quality affordable housing to low income communities throughout the United States. This project is indicative of their unique style as it draws on the adaptive reuse buildings within the community to help preserve the much needed tax credit housing in the area.”

Lancaster County, PA is a growing working class city with a considerable need for affordable housing. The unemployment rate in the area is typically the lowest or near lowest in Pennsylvania. By making this loan PCG ensures that these properties receive the renovations and subsidies they need to continue to provide affordable housing for the 491 residents in the buildings.