Low-income rental development gives boost to N. Broad corridor
11/16/2012 | Real Estate Blog
On Tuesday, over 200 people gathered at the North Broad Street corridor on Fairmont Avenue to celebrate the launch of a $16 million, 55-unit rental housing development. The project, unlike most that come to the area, will accommodate low-income families and individuals at risk for homelessness.
The development project is led by Project HOME and the Greater Exodus Baptists Church, and is partly funded by a foundation run by Jon Bon Jovi, who was present at Tuesday’s launch. In honor of the rocker, the project has been dubbed JBJ Soul Homes. Project HOME initially presented the idea to the church several years ago. The property involved in the project was reportedly acquired by church members over a decade, and demolished in order to create 1.8 acres of open space.
Although church members had initially considered building high-end condominiums on the property, the cofounders of Project HOME eventually persuaded the congregation to serve low-income individuals.
Project HOME will be setting aside 40 of the 55 affordable rental units for housing homeless individuals. A nonprofit affiliated with Greater Exodus will be operating 12,000 square feet of ground-floor retailing in the building.
Those behind the development project see it not only as a way to exercise their faith, but as a way to look after the well-being of the community as a whole, and to contribute to Mayor Nutter’s goal of being the first major city in the country to end homelessness.
Source: philly.com, “N. Broad corridor gains new low income rental development,” Jennifer Lin, November 14, 2012