June 10, 2013
The June 2013 issue of The Novogradac Journal of Tax Credits showcases the use of Historic Tax Credits in the Steeple Street Apartments, Lancaster PA, Lancaster PA mixed-use development.
The Steeple View Lofts (also known as North Water Street) preserves a historic building and increases housing options for the growing senior population of Lancaster. NDC contributed $8.6 million in a Qualified Equity Investment, combined with financing from Fulton Bank to complete the $8.1 million project. The project includes historic rehabilitation of a 47,000 sq. ft. tobacco warehouse and adjacent townhouse located in downtown Lancaster. The rehabilitation will result in the development of 10,200 sq. ft. of street level commercial retail and office space as well as 39 senior apartments on the upper floors. The address is in a low-income community with a poverty rate of 30.3%, median family income of 37.1% and unemployment ratio 2.19 times the national average. The project also resulted in 22 construction jobs as well as 12 permanent positions.