Reinvestment Fund is providing financing to preserve and rehabilitate the Westminster Senior Apartments, an existing Low-Income Housing Tax Credit (LIHTC) development in West Philadelphia. The project is a 1940s era development that was rehabbed as an LIHTC project in 1992. Although the existing development is for families, the new project will be for seniors. Westminster Apartments is located in a primarily residential neighborhood in one of the poorer areas of Philadelphia. This project will bring quality, affordable senior housing to the community.
The Westminster Apartments is being developed by Harold Thomas, a longtime Reinvestment Fund borrower and a high-quality developer of affordable rental housing in Philadelphia. Reinvestment Fund is providing a construction loan and a letter of credit to the project. The project comprises five row-style, three-story apartment buildings, totaling 35,040 square feet. When complete, the project will have 12 efficiency units, 24 one-bedroom units, and 5 two-bedroom units. All facilities will be handicapped accessible, with ramp access to the elevator lobbies. Amenities will include laundry facilities, a community room, management office, social service office and a roof garden. The buildings will have new HVAC, electrical and plumbing systems. In addition, new gas, electric, sanitary, fire and domestic water services will be provided to the each building.
All units will be rent restricted to senior residents 62 years or older and with incomes between 20% and 60% Area Median Income. Westminster is located in a convenient area for the seniors. Shopping, services and healthcare facilities, in addition to a senior center, are within close proximity to the development. In addition, public transportation options nearby connect Westminster to the rest of Philadelphia and its surrounding suburbs.