Create Affordable Homeownership Opportunities

As previously noted, planning process participants felt strongly that the future health and vitality of the Sharswood/Blumberg neighborhood rely on strengthening the homeownership market and increasing the overall number and relative percentages of homeowners within the area. This is consistent with the norms for other revitalizing neighborhoods within Philadelphia, where revitalization is heavily driven by households who buy into the neighborhood, making a long-term investment and commitment to its future. There is a large and growing demand for workforce housing near to Center City. The consolidation of vacant and underutilized parcels throughout the neighborhood will pave the way for development of both new rental and homeownership opportunities. Planned activity includes development of 68 homeownership units on the revitalized Blumberg site, to be undertaken by PHA, and an additional 352 mixed income homeownership units at infill locations throughout the neighborhood, to be undertaken by other qualified development entities.

Strategy 1: Develop 68 Affordable Homeownership Units On-Site

• 1.1 Development of the 68 affordable homeownership units by PHA is slated to begin in 2017, concurrently with the second phase development of 83 rental units described in Strategy 3.
• 1.2 Affordable homes will be marketed to families with incomes up to 80% of Area Median Income.

Performance Indicators and Metrics

• 68 homeownership new construction units developed

Strategy 2: Develop 352 Mixed Income Homeownership Units Off-Site Using an Infill Strategy Involving Qualified Developers

• 2.1 The plan envisions that the units will be constructed at two different locations within the neighborhood over an 8+ year period; however, the
• specific phasing and sizing approach of each site may vary depending on developer interest, real estate economics and other factors.
• 2.2 Construction of an initial 203 units is planned to begin in 2018-2019. Of the total units, 163 will be targeted for households earning up to 80% of Area Median Income, with a planned 40 homes with no income restrictions.
• 2.3 An additional 149 units will include 89 units targeted for households earning up to 80% of Area Median Income, and 60 homes with no
• income restrictions.

Performance Indicators and Metrics

• 352 units of energy efficient, sustainable and accessible mixed income homeownership developed off-site