09-22-2012, 07:26 AM
PHILADELPHIA (AP) ââ¬â Developers plan to break ground next month on a $20 million affordable housing project for elderly gays now that it has received the necessary state, federal and local approvals and funding has been secured, officials said Thursday.
The project, planned for a section of Philadelphiaââ¬â¢s downtown affectionately known as the Gayborhood, had long been stalled before receiving tax credits earlier this year from the Pennsylvania Housing Finance Agency.
The Dr. Magnus Hirschfeld Fund, which is spearheading the project, said in a statement that the project has received all federal, state, and local agency approvals and building permits, and plans to break ground in late October. Wells Fargo Bank also has signed on as an investor, tax credits have been allocated and all funding for the project has been secured, the group said.
The project, planned for a section of Philadelphiaââ¬â¢s downtown affectionately known as the Gayborhood, had long been stalled before receiving tax credits earlier this year from the Pennsylvania Housing Finance Agency.
The Dr. Magnus Hirschfeld Fund, which is spearheading the project, said in a statement that the project has received all federal, state, and local agency approvals and building permits, and plans to break ground in late October. Wells Fargo Bank also has signed on as an investor, tax credits have been allocated and all funding for the project has been secured, the group said.