The Michaels Organization is set to undertake major renovation of three public housing communities located in the north side of York City, in partnership with The Housing Authority of the City of York. The three communities -- Parkway Homes, Parkway Homes Extended, and Smyser Street Cottages -- provide critical affordable housing for York families with low and moderate incomes.
“We are excited to be working with The Michaels Organization to realize our vision for modernizing the Parkway communities, while ensuring minimal disruption to our current residents, and preserving the affordability of these important communities for generations to come,” said Regina Mitchell, executive director of York’s Housing Authority.
The three communities, built in the early 1950s and 1960s, comprise 269 homes ranging from one-bedroom to five-bedroom units and include one-and two-story townhouse style homes and two-story stacked apartments. All properties will receive upgrades to the major building systems, exteriors, and all interiors.
This preservation initiative will be financed through a unique program offered by HUD – the Rental Demonstration Program, or RAD, which allows public housing agencies to leverage public and private debt and equity in order to reinvest in the public housing stock. It also ensures that the renovated units remain permanently affordable to low-income households. Residents also benefit from a right of return and relocation rights.
“We are privileged to be the partner of such a forward-thinking and visionary Housing Authority, one that shares our commitment to creating housing solutions that lift lives,” said Andrew Davenport, Vice President of The Michaels Organization and the lead developer on the preservation effort. “Our goal is to provide the City of York with high-quality, sustainable homes, with minimal disruption to current residents, who will be able to remain on site during the renovation,” Davenport said.
The Parkway communities are strategically located in York, near cultural, recreational, and religious establishments as well as shopping and employment opportunities. It is also accessible to public transportation.
The planned renovation work will introduce ADA-compliant accessibility upgrades to the properties, enhanced site security and utility infrastructure, a new playground, as well as new roofing systems, kitchens, and bathrooms, air conditioning units, and water heaters in the units. The unit mix post-renovation will remain the same as it exists today.
Financing for the $57MM renovation will include tax-exempt bonds and a permanent loan issued by the Pennsylvania Housing Finance Agency, as well as private equity raised through the sale of federal low income housing tax credits. When completed, the preserved Parkway communities will serve housing earning at or below 60 percent of the Area Median Income.
Once financing is secured, construction is expected to commence by Q1 2023 and take approximately 14 months from start to finish.Back to News Next article