TD Bank (No. 38 on the DiversityInc Top 50 Companies list) announced Nov. 27 it will assist in financing Project HOME's development of an affordable housing, LGBTQ-friendly residence for formerly homeless young adults. Project HOME is a non-profit organization empowering individuals to break the cycle of poverty and homelessness through affordable housing, employment, health care and education. The young adult residence will be the first of its kind in Pennsylvania, and among the first in the nation.
The bank has provided an $11 million commitment including a $6.7 million tax-exempt construction loan through its Commercial Real Estate Group and a $4.3 million investment through the Community Capital Group in partnership with Raymond James, with Raymond James Tax Credit Funds (RJTCF), a leading national sponsor of affordable housing, with more than $1.1 billion in tax credit equity closed in FY2017. RJTCF is excited to work for the first time with Project HOME, a recognized leader in providing affordable housing and supportive services to individuals at risk of homelessness, and pleased to continue our unparalleled relationship with TD Bank.
The funds will aid in the development of a four-story building with 30 one-bedroom apartments including a living area, a full-size eat-in kitchen, a bedroom, a bathroom and a walk-in closet. The main floor will also include a large community room, an exercise room, a common laundry room and property management and residential services offices.
"The development of Project HOME's newest affordable housing community in Northern Philadelphia addresses the threat of homelessness, and the devastating impact it can have on any young person starting out in life," said Mark McBride, Vice President for TD Bank. "We are proud to partner with an organization that shares TD Bank's values. We hope that by promoting diversity in our communities and making inclusion a core value, we can send a powerful message of encouragement to others."
Project HOME's new affordable housing units will be available for young adults (ages 18-23) who are homeless, have experienced homelessness or are at risk of homelessness, those who have aged out of foster care, disabled or special needs households, and LGBTQ individuals. Residents will have access to Project HOME's full range of programs, including classes, medical and behavioral health services and job training and placement. With a central location in North Philadelphia, the development will have excellent accessibility to public transportation, employment, shopping, and major roadways and interstate highways.
The groundbreaking ceremony for the first phase of the two-affordable housing development project at 1315 N. 8th Street has been scheduled for Wednesday, December 6, 2017.
"We are deeply grateful for TD Bank's leadership and support of this project and their shared belief that LGBTQ-friendly housing for young adults experiencing, or at risk of experiencing homelessness is vitally important to ending and preventing homelessness in Philadelphia," said Sister Mary Scullion, Executive Director and Co-Founder of Project HOME. "Homelessness is solvable in our lifetime and this residence brings us one step closer. Through employment opportunities, education, and a supportive community, these young adults will have the tools they need to break the cycle of poverty and homelessness while achieving their fullest potential."
"We are pleased to partner with Project HOME in our continued efforts to give-back," said Benjamin Kruger, Vice President of Commercial Real Estate at TD Bank. "From our experience, Project HOME operates housing with both professionalism and compassion. We look forward to supporting this initiative and future developments with the organization."
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This project represents the third transaction between TD Bank and Project HOME.