Mount Union Senior Lofts
Overview
| Deal Type |
Construction Low Income Housing Tax Credits |
|---|---|
| Size |
$20MM Construction loan & LIHTC equity |
Summary
KeyBank Community Development Lending & Investment (CDLI) has partnered with Pivotal Housing Partners, LLC to finance the new construction and adaptive reuse of Mount Union Senior Lofts, a 44-unit senior housing project in Mount Union, PA. For this project, CDLI provided a $9 million construction loan and KeyBank Community Development Corporation (KCDC) secured $11 million in LIHTC Equity.
This new community will consist of 44-, 1- and 2-bedroom units built to serve senior residents age 62+. It will include 6 accessible units of which 3 will target those at or below 20% AMI. Pivotal has partnered with the Center for Community Action (CCA) to assist in identifying and placing individuals or families in need. CCA will also provide a supportive service coordinator who will serve as the liaison to link residents with community services, foster volunteer activities, and connect residents to supportive services in the area. Tenants are within walking distance of Riverview Park, library, local restaurants, farmers market, food pantry and grocery stores.
