Affordable apartment building to open in Philadelphia’s Mantua neighborhood amid spike in residential development

Have a question about Philly’s neighborhoods or the systems that shape them? PlanPhilly reporters want to hear from you! Ask us a question or send us a story idea you think we should cover.

A 40-unit affordable housing project will soon open in a swiftly gentrifying pocket of West Philadelphia.

The rental development sits at 818 N. 40th St. — about a mile away from Drexel University and the University of Pennsylvania — and straddles the border between the Mantua and Belmont sections of the neighborhood. The low-income area has recently seen a spike in private residential development. Much of it is market-rate rental housing geared towards college students.

The nonprofit developers behind the project — the Apartments at 40th St. Place — say the project is part of a broader mission to offset those investments, which they worry will raise property values and displace longtime residents in the area.

Mantua and Belmont have historically been communities where most residents own their homes.

“The pressure is enormous,” said Michael Thorpe, executive director of Mt. Vernon Manor Community Development Corporation.

The $25 million project is the result of a partnership between Mt. Vernon and HopePHL, another community development corporation.

The government-backed development sits on nearly a dozen parcels that were effectively donated through the Philadelphia Land Bank. The site, a string of grassy lots near the corner of Reno Street, had been vacant for more than a decade.

The units — largely a mix of one-, two- and three-bedroom apartments — will be permanently affordable.

Under a federal housing program, they must be affordable to households earning between 20% and 60% of the area median income. That translates to between $23,880 and $71,640 for a family of four.

Tenants will be offered a variety of social services, as well as opportunities for workforce development and career coaching, among other things.

“The preference here would be that [residents are] of the community,” said Kathy Desmond, president of HopePHL.

The development was built with the help of low-income housing tax credits, the country’s main mechanism for creating affordable rental housing. Typically administered by state housing agencies, the competitive subsidy is used by housing authorities, as well as private and nonprofit developers, to offset the cost of construction.

After a 15-year compliance period, during which the units must remain affordable, the land will be bought out and owned by Mt. Vernon Manor CDC.

“Then we have a lease with the land for 99 years,” Thorpe said.

A ribbon-cutting ceremony for the project was held Wednesday, but the building won’t officially open for at least another two months.