Paseo Verde

New Markets Tax Credit Coalition

Philadelphia,
PA
(2012)

Paseo Verde

Adult Education, Affordable Housing, Brownfield Remediation, College or Vocational Training, Community, FQHCs, Healthcare, Housing, Mixed-use, Office, Retail, Retail and Commercial, Transit Oriented Development, Workforce Housing

A $48.2M mixed-use, transit-oriented, green development in Philadelphia's Ludlow community - a low-income, distressed neighborhood currently undergoing a revitalization drive fueled by strong public and private collaboration.

Investment

NMTC Amount: $29,050,000
Total Project Cost: $31,834,531

IMPACT

39 FTE jobs
150 construction jobs
Project includes a Federally Qualified Health Center.
30,000 sq. ft. of real estate

CDEs

Building America CDE, Corporation for Supportive Housing, Local Initiatives Support Corporation, WNC National Community Development Advisors

Investor

Chase

Project Description

Paseo Verde is a $48.2 million mixed-use, transit-oriented, green development in Philadelphia’s Ludlow community – a low-income, distressed neighborhood currently undergoing a revitalization drive fueled by strong public and private collaboration. The multi-building development features 120 units of affordable and workforce housing. Fifty-three units are affordable to families with household incomes between 20% and 60% of the area median income (AMI). The other 67 units are targeted to low-income families making less than 100% of AMI. The project’s 30,000 sq. ft. of commercial and retail space include a primary care health facility, pharmacy, and social services office. The 1.9-acre brownfield site is located directly adjacent to the Temple University Regional Rail train station.

MAP

Address: 1900 North Nineth Street, Philadelphia, PA 19122

Census Tract: 42101037700

PDF Profile

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