New senior housing planned for Palmyra, PA – PHFA to fund
CPBJ Reports: The Lebanon County Housing Authority plans to turn a former shoe factory in Palmyra into 40 subsidized senior housing units contingent on the state giving it $8 million in tax credits.
The $10 million adaptive reuse project would turn the 65,000-square-foot building at 101 N. Harrison St. into 36 one-bedroom apartments and four two-bedroom units, said Bryan Hoffman, the housing authority‘s executive director.
The building is occupied by printing equipment manufacturer Aradiant, which wants to sell it and move to a smaller space, Hoffman said. The structure was built in 1973 as a shoe factory, he said.
The senior housing plan is a way to be proactive with the building and avoid the property becoming blighted, Hoffman said. There is no market for manufacturing sites such as this one in towns anymore, he said.
The authority has agreed to purchase the property for about $900,000 if the tax credits come through from the Pennsylvania Housing Finance Agency, Hoffman said. If developers get the green light, the apartment complex could be ready for tenants by fall 2013, he said.
The application process is competitive and there is no guarantee the project will receive the needed $8 million in credits this spring, Hoffman said. As a nonprofit, the authority cannot directly benefit from the tax credits and would sell them to investors to raise the money needed to subsidize the project, he said.
The authority has retained South Anneville Township-based Kaylor Architects Inc. for the design work and South Lebanon Township-based Arthur Funk & Sons Inc. as builder, Hoffman said.