{"id":1004055783,"date":"2012-12-13T09:46:08","date_gmt":"2012-12-13T17:46:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=87909"},"modified":"2020-05-18T14:06:04","modified_gmt":"2020-05-18T22:06:04","slug":"work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy\/","title":{"rendered":"Work Starts on $17 Million Affordable Housing for Seniors in Mt. Airy"},"content":{"rendered":"<p style=\"text-align: justify;\"><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\">Philadelphia-based developer Nolen Properties broke ground last week on a new senior housing community in the Mt. Airy neighborhood. The $17 million investment centers around a brick and terracotta landmark building constructed in 1895 which will be upgraded and transformed into a 57-unit residential facility.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/nugent-senior.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-87963\" title=\"nugent senior\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/nugent-senior.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">The imposing mansion is located at 221 W. Johnson Street and was built by philanthropist George Nugent for the care of elderly Baptist ministers and their wives, according to <em>Patch.com<\/em>. The three-and-a-half-story building was acquired by Nolen Properties in 2002 for $2.5 million, shortly after it was added to the National Register of Historic Places.<\/p>\n<p style=\"text-align: justify;\">With financial help from the City of Philadelphia\u2014which is providing $2.6 million\u2014and low income housing tax credits worth $11.5 million from the Pennsylvania Housing Finance Agency (PHFA), Nugent Senior Apartments will include seven studios and 50 one-bedroom apartments as follows:<\/p>\n<p style=\"text-align: justify;\">\u2022 Six apartments designed for handicapped residents<br \/>\n\u2022 Three apartments for residents with sensory impairments<br \/>\n\u2022 Six affordable apartments for seniors over 62 with incomes less than 20 percent Area Median Income (or $17,150 maximum for one person)<br \/>\n\u2022 Forty-two affordable apartments for seniors over 62 with incomes between 50 percent and 60 percent Area Median Income (or $34,260 for one person)<\/p>\n<p style=\"text-align: justify;\">According to a press release from Nolan Properties, rents will range between $195 per month to $794 per month. Nugent Senior Apartments will also include a community room and laundry facilities, as well as an additional construction at the rear of the building which will be used as community space.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-abandoned-projects-see-new-life-as-vacancy-in-philadelphia-trends-downward\/1004063207.html\" rel=\"nofollow\"><strong>Click here<\/strong><\/a> for an in-depth market report on Philadelphia.<\/p>\n<h6 style=\"text-align: justify;\"><em>Image courtesy of <a href=\"https:\/\/nolennews.wordpress.com\/category\/nugent-senior-apts\/\" rel=\"nofollow\">Nolen Properties<\/a><\/em><\/h6>\n<h6 style=\"text-align: justify;\"><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Philadelphia-based real estate developer Nolen Properties broke ground last week on a new senior housing complex in the Mt. Airy neighborhood. The $17 million investment envisages a brick-and-terra cotta landmark building constructed in 1895 which will be upgraded and transformed into a 57-unit residential facility.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1494],"tags":[],"class_list":["post-1004055783","post","type-post","status-publish","format-standard","hentry","category-latest","category-philadelphia"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Work Starts on $17 Million Affordable Housing for Seniors in Mt. Airy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Work Starts on $17 Million Affordable Housing for Seniors in Mt. Airy\" \/>\n<meta property=\"og:description\" content=\"Philadelphia-based real estate developer Nolen Properties broke ground last week on a new senior housing complex in the Mt. Airy neighborhood. The $17 million investment envisages a brick-and-terra cotta landmark building constructed in 1895 which will be upgraded and transformed into a 57-unit residential facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-13T17:46:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T22:06:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/nugent-senior.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/work-starts-on-17-million-affordable-housing-for-seniors-in-mt-airy\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"Work Starts on $17 Million Affordable Housing for Seniors in Mt. 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