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Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Delaware County Fairgrounds IV

Delaware County Fairgrounds IV

Family Housing

Delaware County Fairgrounds IV is a new 71-unit affordable housing community consisting of 23 two-story townhomes in Chester Township, Pennsylvania. Part of a five-phase project, which in total replaced 319 obsolete units with 299 energy-efficient homes, it’s located in an area that’s part of the Delaware County Renaissance Plan, a revitalization effort to spur economic development activities with housing and improved infrastructure.

The eight one-, 36 two-, 23 three- and four four-bedroom apartments are affordable to families earning at or below 50 percent of Area Median Income. Subsidies provided under the Delaware County Housing Authority Annual Contribution Contract along with Project-Based Section 8 vouchers enable the development to accommodate very low-income households earning as little as 10 percent AMI. All apartments include a refrigerator, range, dishwasher, disposal, washer/dryer, drapes/blinds, central air conditioning, storage areas and patio.

The community is anchored by a 5,000 square-foot LEED Gold certified community building that houses the on-site management office and other shared resident amenities. Its eco-friendly features include a high-performance building envelope, ground-source heat pump, 23 KW solar photovoltaic system and EnergyStar windows and appliances.

National Equity Fund invested $13.6 million of LIHTC equity in Delaware County Fairgrounds IV, its first partnership with sponsor, Pennrose Properties and co-sponsor the Housing Authority of Delaware County, which provides services to help meet residents’ social, education, employment and quality of life needs.


Project Details

Completed
2013
Location
Shannon & Peterson Street
Chester Township, PA
Project Type
Family
Total Units
71
Mix of Residences
8-1 br; 36-2 br; 23-3 br; 4-4 br
Limited Partnership
Fairgrounds Housing Partnership IV, LP
Tax Credit Equity
$13.6 million
Total Project Costs
$17.7 million
Sponsor
Pennrose Properties, Inc.

Housing Authority of Delaware County
Permanent Lenders
none, conventional financing
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