Hudson Companies Win Funding for Housing Project
HARRISBURG, Pa. – The Pennsylvania Housing Finance Authority will provide more than $1.46 million in assistance to the Hudson Companies, Hermitage, for Evans Square, a 60-unit senior housing development in Conneaut Lake.
Just 39 of the 111 applicants across the commonwealth received funding awards through the competitive PHFA application process.
The project is slated to start in spring 2017, the company reported.
Hudson received a $1.01 million tax credit and a $450,000 PennHOMES loan, according to a PHFA news release. The loan program offers 0% interest, deferred payment loans that can be used to loans that can be used to support the development of lower income rental housing. PennHOMES funds may be structured as primary or secondary mortgage loans.
“Evans Square will be located within the borough’s Revitalization Project area and will offer residents pedestrian- friendly access to all of the borough’s amenities,” said Kelley Coey, Hudson development coordinator.
Evans Square will feature a community room, a wrap-around porch with an exterior fireplace, and spacious independent apartments. Environmental-friendly building features, “a cornerstone feature of Hudson developments,” the company says, will include everything from a rainwater harvesting system to energy-efficient controls.
Hudson officials say the competitive nature of funding meant there needed to be more than just mortar and siding to Evans Square. This spurred the inaugural Evans Square Innovation Center, which offers health and wellness curricula in a joint venture with Thiel College, Allegheny College and the Sharon-based Primary Health Network.
The program will offer educational enrichment programs by Thiel College, where residents can virtually audit coursework. Allegheny College students will have the opportunity to provide volunteer services through the Allegheny Gateway Civic Engagement program. Primary Health Network has committed health coaches to serve as health ambassadors for the active senior lifestyle.
The Hudson Companies, founded in 1977 by president and managing principal John M. Hudson, describes itself as a diverse real estate development and investment firm with holdings and development operations in multiple states and disciplines. Second-generation principal Tyler M. Hudson has led the efforts for new developments with a pipeline of four PHFA projects to be delivered throughout Pennsylvania.
With this award, Hudson will direct the tax credit syndication for Evans Square.
Pictured: Rending of Evans Square as provided by the Hudson Companies.
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