Courtyard at Riverview

Where: Queen Village, South Philadelphia

Completed in 2018, the $83 million renovation of the Courtyard at Riverview apartment community is an example of PHA working with a private partner to rehabilitate and preserve affordable housing for seniors and families. Originally built in the 1990s on the former site of Southwark public housing towers, Courtyard features a 165-unit high rise for seniors and 305 low-rise affordable apartments for families.

The renovation involved updating all kitchens with new counters, and energy-saving appliances, and all baths with new fixtures and vanities. Individual units also received new flooring. Building repairs included roofing and window replacements, modernization of the elevators, and improvements to the heating and ventilation system.

PHA partnered with The Michaels Organization on the renovation, with Michaels serving as general contractor and property manager after construction. “Courtyard is the latest example of PHA’s desire to work with private-sector partners who understand the need to preserve affordable housing in areas of the city where rents are rising,” said PHA President and CEO Kelvin A. Jeremiah.

Financing came from private equity raised through the sale of Federal Low Income Housing Tax Credits, as well as tax-exempt bonds. The tax credits were syndicated by Riverside Capital, with both TD Bank and Citizens Bank as investors. Red Capital provided a first mortgage.

Once again, PHA converted all residents to project-based voucher assistance under the federal government’s Rental Assistance Demonstration (RAD) Program. Using this program enabled PHA to secure the necessary financing to address the building’s long-term needs.