CONSTRUCTION HAS BEGUN!
The lack of affordable housing across the US has reached epidemic proportions and has become the number one human need in many affluent areas. This housing crisis has certainly hit home for those living in Phoenixville, PA and the surrounding community. Unprecedented growth has resulted in the development of luxury housing and has created escalating housing costs that are forcing families and individuals to look outside of their community for affordable housing.
The Petra Board of Directors saw the need and realized they could be part of the solution. With a vision to create quality housing at a price working families could afford, the board purchased 3.2 acres in the borough of Phoenixville in 2015. A development team was assembled, plans were drawn up and a dream took shape. A Low Income Housing Tax Credit (LIHTC) application was submitted on March 4, 2016, knowing there was only a slim possibility that the project would be funded on the first round. On July 13, 2016, Pennsylvania Governor, Tom Wolf, announced that $10,009,620 in tax credits were being awarded to SteelTown Village (STV). Not only was the improbable accomplished but news quickly spread that this project had received the highest ranking of all applications outside an urban area. These tax credits will be utilized to finance the estimated $13.5 million dollar project.
Petra is pleased to announce that final land development approval has been received from the Phoenixville Borough Council for the development of SteelTown Village (STV). On Wednesday, March 15th at the regular Borough Council meeting, the Council voted in support of STV.
STV is a 48 unit development providing affordable housing for individuals and veterans with disabilities, elderly and workforce families. The 1, 2 and 3 bedroom units will be constructed as 3 story walk ups over flats. All the accessible units will be on the ground level and all units will have private entrances. Additionally, the development will have a community room and a fenced out-door play area. Groundbreaking is expected to occur this Spring after the remaining governmental approvals are received. Interested individuals and families can get on the STV interest list under Potential Tenants.