Paseo Verde, Philadelphia, PA
CSH made a $7 million New Markets Tax Credit (NMTC) investment in Paseo Verde. With this investment, Paseo Verde was able to leverage an additional $41 million in funding to finance this $48 million development. CSH will also work with APM to ensure supportive housing tenants have access to sufficient wrap around services. Key concepts in providing quality supportive housing in an integrated housing setting are ensuring intensive service provision as tenants stabilize, coordinating between multiple service providers and establishing good communications between service providers and property managers.
About Paseo Verde Multi-Use Complex
Jonathan Rose Companies (JRCo) and Asociación Puertorriqueños en Marcha (APM) partnered to develop Paseo Verde, a mixed-use development with 120 apartments and 30,000 square feet of commercial and retail space. The apartments offers 52 one-bedroom units, 29 two-bedroom units and 9 three-bedroom townhouses. Fifty-three apartments are dedicated to households earning between 20% and 60% area median income, 14 apartments to households earning between 60% and 80% area median income, and 53 apartments to households earning between 80% and 100% area median income. APM is dedicating 12 units for supportive housing.
Owner, Co-Developer, and Property Manager
Asociación Puertorriqueños en Marcha
Co-Developer Developer, Master Lessee
Jonathan Rose Companies
Tenant Profile - Low- and moderate-income tenants, and households who are homeless.
The City of Philadelphia refers supportive housing tenants to Paseo Verde. Local service providers, contracted by the City, provide tenants case management and other services. APM provides additional services such as a resident services coordinator, employment counseling and childcare.
Mixed-Use Affordable & Supportive Housing with on-site health center.
$7 Million New Markets Tax Credit