The vacant corner lot at Pennsylvania Ave. and Liberty St. has been empty for decades. But construction is coming to that corner in the near future.
The lot is now behind construction fencing as a downtown senior living complex is on the brink of getting underway.
“The Hudson Group received their funding for their project a month or so ago,” Acting City Manager Mike Holtz said. “Their project consists of razing the old Lynch Building and building a new four- or five-story building to house older folks.
The project aims to create a building with 40 units of senior housing — 35 one bedroom and five two bedrooms, as well as a variety of amenities. It will be open to those 62 and older and will carry income requirements.
Kelley Coey, director of development with Hudson Companies, told the Times Observer on Tuesday that the approximate timeline would see construction start in August of this year and take about 14 months to complete.
“Hudson had the area fenced off cause I think they are starting to do some pre-engineering work before construction such as work for the geotextile and sizing of pilings for the foundation work,” Holtz said.
The state awarded over $92.5 million in funding and tax credits back in November to 33 projects that will create an additional 1,518 rental units.
The award for this project — called Eagles Crest — includes $1,426,575 in PennHOMES loan funding, $416,667 in Pa Housing Tax Credits and $1,335,095 in federal Low Income Housing Tax Credits (LIHTC), according to an award document from the state.
According to the Urban Institute & Brookings Institution Tax Policy Center, the credits are issued to states who then award the funds to
“Developers generally sell the credits to private investors to obtain funding,” they state. “Once the housing project is placed in service (essentially, made available to tenants), investors can claim the LIHTC over a 10-year period.”
The target properties for the project are the empty lot and vacant buildings at 231-237 Pennsylvania Ave. W.
The properties came into the possession of the city in 2009 for $0, according to county assessment records, and were sold to the firm in 2018.