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We're thrilled to announce the next phase of our revitalization efforts at 801 Residence - a 300-unit senior low-income housing property in Philadelphia, PA. Last week, we closed on tax credit financing for a subset of the units, marking a significant milestone for the project. Renovations will kick off soon, with an estimated construction period of around 12 months.   HVPG acquired the property in November 2021, and we’re now gearing up for a comprehensive $15M upgrade initiative as part of our broader $153M investment in the property (total project costs). These upgrades will encompass a wide array of enhancements, including in-unit bathroom and kitchen replacements, ADA accessibility upgrades, lobby and community room renovations, life safety improvements, building system upgrades, and the installation of a new intercom and security camera system throughout the site.   We have also secured long-term affordability for residents with a HUD project-based Section 8 HAP contract and LIHTC restrictions. Qualified tenants will continue to pay no more than 30% of their annual income in rent, and no one will be displaced due to these improvements.   We couldn't have reached this milestone without the support of our incredible partners. A huge thank you to Ready CapitalPNC, U.S. Department of Housing and Urban Development, and our agency financing partners: Pennsylvania Housing Finance Agency  (PHFA), Philadelphia Housing Development Corporation (PHDC), and PIDC.   We’re eager to provide tenants with a safe, secure residential community that they’re proud to call home. Stay tuned for updates as we embark on the next phase of this project! #AffordableHousing #CommunityDevelopment

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Congratulations! We are proud to be part of this project!

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Aaron Krawitz

CEO of Bravo Capital and Bravo Property Trust

5mo

Congrats Jason!

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