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News Notices & Publications: Dedication scheduled: Senior housing complex finished, thanks to community investment

Title

Dedication scheduled: Senior housing complex finished, thanks to community investment

Announcement Type

News

Date Published

10/2/2017

Regional Spotlight

Yes

Short Description

 

Body

The Juniata Valley Bank and Kish Bank and public partners have reinvested in the Lewistown community, which has resulted in a completed $8.2 million senior housing development. A dedication will celebrate this accomplishment at 11 a.m. Oct. 11 at 100 E. Water St. The public and media are invited to attend the ceremony.

Mann Edge II, which is developed and managed by the SEDA-COG Housing Development Corporation, addresses several key needs such as affordable senior housing, redevelopment of a formerly unusable brownfield site, projected local tax revenue generation of $33,000 annually, and contributions to the central business district.

The 34-unit complex features a community room, a library equipped with computers, a three-season porch, and lounges. For a one-bedroom apartment, monthly rent is $495, and for a two-bedroom apartment, monthly rent is $632.

The complex is situated just west of the first phase of the project, Mann Edge Terrace, which was completed in late 2012. Mann Edge Terrace is a 31-unit apartment complex for senior citizens at the corner of Water and South Dorcas streets. The project’s first phase saw a jump from $2,400 to $31,000 in local tax revenue per year.

The project has garnered significant community investment by numerous partners, including financial institutions.

 

Investors are The Juniata Valley Bank and Kish Bank. Other financial commitments have been obtained from the Mifflin County commissioners, Lewistown Borough Council, the Pennsylvania Housing Finance Agency, the state Department of Community and Economic Development, the Mifflin County Industrial Development Corporation, and the SEDA-COG Housing Development Corporation. All were instrumental in the development’s funding.

The SEDA-COG Housing Development Corporation partnered with the Mifflin County Industrial Development Corporation (MCIDC) first to redevelop the site for Mann Edge Terrace, and again for the second development.

Nick Felice, president and CEO of the MCIDC, said the partnership has created positive community asset development.

 

“The MCIDC was happy to again partner with SEDA-COG (Housing Development Corporation) in helping to bring this residential development project to fruition,” Felice said. “While our primary mission is based in industrial and commercial development, we know the importance of developing community assets. When and where appropriate, MCIDC will always seek to support and/or collaborate with any party seeking to develop assets that will have a long lasting positive impact on the residents of Mifflin County.”

 

Mifflin County Commissioner Rob Postal said the facility gives senior citizens a safe and comfortable place to live.

“The county is proud to have been a part in bringing this project’s overall redevelopment to a conclusion, beginning with Mann Edge Terrace,” Postal said. “The Mifflin County commissioners, together with others, recognize that Mann Edge Terrace is not only a community development project, but a place for our senior citizens to live in comfort and safety. We applaud SEDA-COG for its leadership.”  

 

Funding completion came as part of a statewide affordable housing initiative from $917,849 in PennHOMES funding and $665,849 in Low-Income Housing Tax Credits that will generate over $6.4 million in private investments. Pennsylvania Senate Majority Leader Jake Corman (R-34) was instrumental in obtaining the tax credits.

Tax credits leverage investment by the private sector to stimulate the construction of affordable rental housing throughout Pennsylvania. The Pennsylvania Housing Finance Agency administers the tax credits.

These multi-level partnerships are key to building strong communities, said Mike Fisher, secretary of the SEDA-COG Housing Development Corporation and head of SEDA-COG’s Housing Program.

 

“Communities benefit from these strong partnerships, not only in the form of funding, but in the investment of time and confidence in the future of our hometowns,” Fisher said. “All of us, including SEDA-COG, are here to help strengthen the area’s quality of life.”

Expires on Website

10/2/2022

Keywords

Mann Edge II Lewistown elderly senior housing complex affordable apartment dedication October 11

Attachments

Created at 10/2/2017 11:26 AM by Liz Regan
Last modified at 10/2/2017 11:26 AM by Liz Regan