Philadelphia, PA
Impact Services
In one of the areas hardest hit by the opioid epidemic, B&F is helping Impact Services to transform a massive former industrial mill building into 48 subsidized apartment units and commercial space. The project, known simply as ‘A & Indiana,’ is giving hope and affordable housing to a community that desperately needs it.
Transforming More than a Building
Complex Capital Stack
The project was funded through a wide variety of sources, including Low Income Housing Tax Credits (LIHTC), New Market Tax Credits (NMTC), Historic Tax Credits, Redevelopment Assistance Capital Projects (RACP) funds, the Pennsylvania Housing Finance Authority (PHFA), the City of Philadelphia, and the Neubauer Family Foundation. Financing was further complicated by the fact that the project was divided into three condominium groups to which separate funds were allocated. B&F Project Managers helped Impact to meet the requirements of each of these funders during closing and throughout construction.
Historic Tax Credit Compliance
Major renovation projects of this kind can be challenging because old buildings are full of surprises. As unforeseen conditions were encountered with masonry restoration and window installations, B&F interfaced directly with the historic tax credit consultant to help balance the funding requirements with the realities uncovered on site. Ultimately, we helped to negotiate solutions that made all parties proud of the result.
A Project that Inspires Hope
Impact Services sees A & Indiana as an anchor of hope that will create sustainable change in a community that has long struggled with crime and housing deficiencies. The first phase of the transformation is complete, and residents are enjoying their new bright and open apartments with high ceilings, hardwood floors, and big windows. The second phase of work will create the planned commercial space, community gym, outdoor playground, and additional parking. This important project, along with other nearby improvements by Impact Services, is helping to restore pride in this Philadelphia neighborhood.
