On June 25th Pennrose, a multifamily development and management company celebrated the ribbon cutting for Crest Manor, the public housing community located in the Crestmont in Abington Township. The redeveloped community provides 46 units of vibrant, affordable housing to Montgomery County residents, preserving the long-term vitality of Crest Manor for its residents and the township.
Originally built in 1963, by the Montgomery County Housing Authority (MCHA), Crest Manor required major functional and aesthetic improvements. MCHA partnered with Pennrose to redevelop and revitalize the 4.48-acre community, which includes 15 substantially rehabilitated twin buildings, three newly constructed multi-unit buildings and one newly constructed community and maintenance building. The project offers energy-efficient heating, ventilation, and central air conditioning systems and appliances and has achieved both Energy Star and LEED for Homes Gold certifications. The redevelopment also included a new park adjacent to the community building.
Speakers at the event included Joel A. Johnson, executive director, Montgomery County Housing Authority, Valerie A. Arkoosh, MD, chair, Montgomery County Board of Commissioners, Kenneth E. Lawrence, Jr., vice chair, Montgomery County Board of Commissioners, Mark Schwartz, Esq., Pennsylvania Housing Finance Agency, Wayne C. Luker, president, Abington Township Board of Commissioners, and Mark H. Dambly, president, Pennrose, LLC.
“The redevelopment of Crest Manor marks another successful public-private partnership that improves lives through high quality, affordable housing,” said Harry Moody, Senior Developer at Pennrose. “MCHA was committed to meeting residents’ needs, and Pennrose is proud to have implemented their vision. We are looking forward to continuing to support the community with long term, sustainable housing.”
The redevelopment of Crest Manor had a positive impact on the local economy. More than $100,000 was spent at businesses in the Willow Grove and Abington area and more than $1,000,000 was spent at businesses in Montgomery County. Of the total subcontracted work, Minority Business Enterprises received 17.7% of total subcontracted dollars, Women Business Enterprises received 9%, and Section 3 subcontractors or suppliers received 12.8%. Nearly $200,000 was paid to local Section 3 workers from the community.
Funding for the $17.7 million redevelopment came from a variety of sources, including over $12.4 million in equity from Alden Torch Financial/JPMorgan Chase generated from the syndication of low income housing tax credits allocated by the Pennsylvania Housing Finance Agency (PHFA). Additional sources included $2.725 million from Montgomery County Housing Authority, $1 million from Montgomery County Affordable Housing trust funds, $750,000 from PHFA PennHOMES, a $648,000 private loan from Fulton Bank, and $200,000 from Community Development Block Grant funds allocated by Abington Township.
Philadelphia-based architecture and urban planning firm WRT provided architectural services for the redevelopment and Harkins Builders was the general contractor. Pennrose Management Company will provide professional management oversight for the community.