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Early in 1996, the City of Philadelphia’s OHCD
selected PHDC to join the Cecil B. Moore Homeownership Zone Development
Team to participate in the planning and development of approximately
300 new and rehabilitated housing units for low- and moderate-income
persons.
PHDC was assigned the specific role of lead developer to complete Phase
I, which consists of 74 units of housing in the planned development.
Construction of the initial stage, which consisted of the rehabilitation
of six units
and 29 newly constructed units is complete. Phase IB produced 35 new
and four rehabilitated homes. Phase II, produced new and rehabilitated
homes is complete.
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Phase 1A
29 New/Rehab units
Total Development Cost:
$4.625 million
Private Funds Obtained:
$1.5 million - Mellon
Developer:
Cecil B. Moore LDC a partnership of Cecil B. Moore CDC and PHDC
Architect:
Kise Straw Kolodner
Contractor:
Allied Construction Services II, Inc.
Phase 1A1
3 New units
Total Development Cost:
$597,000
Phase 1B
39 New/Rehab units
Total Development Cost:
$6.074 million
Private Funds Obtained:
$1.837 million - PNC Bank
Funders:
OHCD $4,162,700
Developer:
Cecil B. Moore LDC a partnership of Cecil B. Moore CDC and PHDC
Architect:
Kise Straw Kolodner
Contractor:
Allied Construction Services II, Inc.
Phase 2
51 New/Rehab units
Total Development Cost:
$11.2 million
Private Funds Obtained:
$885,360 - Citizens Bank
Developer:
Cecil B. Moore LDC a partnership of Cecil B. Moore CDC and PHDC
Architect:
Cassway Albert Ltd.
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18th Street Historical Duplexes
PHDC rehabilitated three large historic
residential
buildings, located on the northern end of the Cecil B. Moore Homeownership
Zone, into three duplexes. Each of the three-story structures was converted
into two spacious units. The original historic detail both outside and
in was retained or rebuilt by PHDC. The properties were sold to low-
to moderate-income households who are able to rent one of the units
to another household within the same income levels. This policy is used
by PHDC to treat buildings that are too large for the average-sized
household. The duplex arrangement allows a low-income household to own
an income-producing property that will defray the cost of buying the
building.
3 historic houses rehabilitated to form
6 duplexes
Cost:
$727,000
Private funds leveraged:
Citizens Bank $172,800
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