Kat Kendon / Kendon Photography
Project HOME received over 300 applications for the 30 units. In terms of affordability, 25 of the units receive Rental Assistance Demonstration project-based Sec. 8 rental subsidies and five receive Continuum of Care rental subsidies, resulting in tenant rents significantly below market rate.
With young adult homelessness on the rise across the nation, with an estimated 40% of those identifying as LGBTQ, and approximately 1,000 young adults aging out of foster care each year in Pennsylvania, nonprofit Project HOME is working to serve the needs of this population through a new permanent supportive housing development in Philadelphia.
The first development of its kind in Pennsylvania, the Gloria Casarez Residence provides 30 one-bedroom units for young adults who are homeless, have experienced homelessness, or are at risk of homelessness, including those aging out of the foster-care system or individuals with disabilities. The development, named after a late LGBTQ and civil rights activist in Philadelphia, is LGBTQ friendly.
PROJECT DETAILS
Developer: Project HOME
Architect: Kitchen & Associates
General Contractor: Domus
Major Funders: Pennsylvania Housing Finance Agency; Raymond James Tax Credit Funds; TD Bank; commonwealth of Pennsylvania; city of Philadelphia; Philadelphia Housing Authority; Philadelphia Office of Homeless Services; Project HOME; private contributions
“We were seeing that of the overall homeless population in Philadelphia, an increasing percentage was young adults 18–23,” says Janet Stearns, vice president of real estate development and asset management at Project HOME. “We thought there was a real need for this housing.”
In addition to the housing, Project HOME provides a comprehensive approach for the young adults, connecting them with employment, health, and education opportunities.
The need was great for the development, with Project HOME receiving 300 applications for the 30 units. Residents started to move in earlier this spring, with property management helping them set up housekeeping. “Some have not had the experience before of having an apartment and paying rent,” adds Stearns. “It’s different working with young adults.”
The units have deep income-targeting, with three units set aside at 20% of the area median income (AMI), 13 units at 50% of the AMI, and 14 units at 60% of the AMI. In addition, 25 units receive Rental Assistance Demonstration project-based Sec. 8 rental subsidies through the Philadelphia Housing Authority.
The $13.3 million development was financed with 4% low-income housing tax credits and bonds. The city, commonwealth, and Project HOME made significant contributions.