A ribbon cutting ceremony is held at the Parade Street housing facilities at 20th and Parade, a low income housing tax credit development.
JET 24 Action News’ Syeda Abbas was live at the event as it kicked off this afternoon.
This is a brand new affordable housing. It smells like fresh paint inside these units, which totals 40 units. This housing is affordable for people that are 60%, 50%, or 20% of median income. Financed throughout the Pennsylvania Housing Finance Agency, Citizens Bank and Crea Equity.
The rent ranges from $230-$850 with utilities included. Over half the units are already occupied and organizers telling us that there are more applications than units left.
“Affordability wise, it is a tax credit light project, which means for individuals low to median income…20, 40, and 60% of Erie median income,” said Donald Crenshaw, Managing Member. “So, you’re getting some of the best construction type income for some of the individuals that are sometimes under served.
2014 was the first that GMA development group applied for this tax credit. It wasn’t until 2016 that they got approved today. They made sure to thank all their funders.