Mayor Nutter and Councilwoman Miller to join
Nolen Properties to Celebrate new affordable senior housing.
Presser Senior Apartments, which was funded in part by federal stimulus funds, restored a 1914 historic property at risk of demolition into 45 mixed-income apartments for mixed-income seniors. The development created over 140 jobs.
Presser Senior Apartments was recently awarded a Preservation Alliance of Greater Philadelphia Grand Jury Award for successfully maintaining the historic integrity of the building while adding modern amenities and energy efficient features during the restoration.
Originally commissioned by sheet music publisher and philanthropist Theodore Presser, the Presser Home for Retired Music Teachers is a 52,248 square foot building that once housed those who dedicated their lives to music. The building became vacant in 2002, suffered significant deterioration and was a candidate for demolition under plans of prior owners. A coalition of community groups formed to prevent this demolition, and in 2005 they succeeded in adding the Presser Home to the National Register of Historic Places. Nolen Properties acquired the property in 2006 with the promise to restore it to the original beauty, while using the structures in a manner pleasing to the neighbors.
The City of Philadelphia provided $2,000,000 in stimulus funds for the CDBG-R program. Additionally, the Pennsylvania Housing Finance Agency provided $2,259,189 in Tax Credit Assistance Program (a program of ARRA) funds; Federal Home Loan Bank of Pittsburgh provided $650,000; and PNC Bank provided a $7,673,386 equity investment by using historic and low-income housing tax credits.
PlanPhilly: Planning Philadelphia's Future