On February 9th 2016, People’s Emergency Center (PEC) had a ground-breaking event for its newest affordable housing development at 4050 Haverford Avenue. The 4050 Apartments on Haverford will be an affordable live-work space for lower income artists in the community. The new apartment complex will be three stories tall, 24,350 square feet, and fill a vacant lot. The twenty units are a mix of one, two, and three bedrooms units. The target income is 20%, 50% and 60% of the Area Median Income (AMI), and the units will have amenities that encourage artmaking: access to natural light, high ceilings and open layouts. 4050 Apartments will also have a community room with space that can be used for workshops and exhibitions. The apartments are near retail shops, restaurants, public transportation, and bike share, and located within an engaged, historic community.
The 4050 Apartments is People’s Emergency Center’s Community Development Corporation’s (PECCDC) largest affordable housing project since Jannie’s Place opened in 2011. The most recent affordable housing development to open was Bigham Leatherberry Wise Place in March of 2015. PEC currently has 250 housing units in the Promise Zone. The 4050 Apartments will play a key role in preserving affordable housing and a strong arts culture in West Philadelphia and the Promise Zone.
Funders who supported the 4050 Apartments are: Pennsylvania Housing Finance Agency and the National Equity Fund, in conjunction with First Niagara Bank, Federal Home Loan Bank of Pittsburgh with TD Bank, Federal Home Loan Bank New York with First Niagara Bank, Pennsylvania Department of Community and Economic Development, Philadelphia Commerce Department, Community Lenders Community Development Corporation, Local Initiatives Support Corporation, and the Philadelphia Redevelopment Authority. The architect for the 4050 Apartments is PZS Architects and the builder is Allied Construction.