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The Philadelphia Corporation for Aging is working to transform a vacant clothing factory into an affordable apartment building for older adults.

PCA owns the historic property at 642 N. Broad St. The five-story building in Spring Garden is situated directly behind the nonprofit’s headquarters and has sat empty for decades.

The goal is to create up to 70 accessible homes for people age 62 and older. The nascent proposal, which still needs funding, also calls for an on-site community center open to seniors from across the city.

The project is the corporation’s first foray into real estate development. It comes as Philadelphia continues to experience an affordable housing crisis that is particularly acute for older adults.

“That’s just exacerbated for our seniors, who tend to be living on much lower incomes or fixed incomes,” Chief Operating Officer Laura Weinbaum said.

PCA is partnering with California-based developer HumanGood, one of the country’s largest nonprofit providers of senior housing. The company is behind several projects, including Ann Thomas Presbyterian Apartments in Southwest Philadelphia, Riverside Presbyterian Apartments in Logan Square and the On Lok House in Chinatown.

Weinbaum said her organization plans to apply for Low-Income Housing Tax Credits, then leverage the competitive subsidy to secure other public funding from state, city and federal governments.

“We are applying for every conceivable funding source,” Weinbaum said. “Anything and everything that we can cobble together.”

Tenants are expected to pay 30% of their monthly income in rent.

To be eligible, applicants must earn between 20% and 60% of the area median income, or between about $16,000 and $50,000 a year for an individual.

For now, it’s unclear when the development may be completed, but the corporation is optimistic about securing funding for the project given its timing.

In the coming days, Mayor Cherelle Parker’s administration will issue $400 million in bonds to fund the first phase of the Housing Opportunities Made Easy, or H.O.M.E., initiative. The plan is centered on creating and preserving 30,000 homes in Philadelphia.

Najja Orr, PCA president and CEO, is a member of the initiative’s advisory council.

At the same time, Pennsylvania Gov. Josh Shapiro’s administration has launched the state’s first-ever Housing Action Plan. The effort calls for a $1 billion “critical infrastructure fund” to build and protect homes across rural, suburban and urban communities.

On Thursday, Secretary of Aging Jason Kavulich toured the project site with PCA staff.