Construction of a new four-story affordable-housing apartment building in Lititz for older adults is underway and set to be completed by fall of next year, a local nonprofit developer announced this week.
Saxony Ridge Apartments will be a 62-unit, four-story building in Warwick Woodlands, a retirement community operated by Moravian Manor Communities, according to a press release from Community Basics Inc., the Lancaster-based nonprofit developer and manager of affordable-housing projects.
Construction costs are more than $11 million, according to Lisa Greener, executive director at Community Basics.
Site work is currently taking place at the property, Greener said. That often includes grading and other preparation work for builders.
The development has been able to move forward in part because Moravian Communities recently agreed to a 75-year ground lease with Community Basics. Greener declined to say how much the lease was or provide other details.
The building will consist of 44 one-bedroom and 18 two-bedroom apartments, some of which will have additional accessibility features like grab bars and lower light switches, the press release said. Ten units will also be available to older adults who are homeless.
The units will be restricted to various income levels, as low as 20% of area median income – a metric calculated by U.S. Department of Housing and Urban Development. Some units will be available to residents with 60% AMI.
As reference, 50% AMI in Lancaster County for a one-person household is $29,050, according to the Lancaster County Housing and Redevelopment Authorities’ website.
The project won $1.2 million in highly-coveted low-Income Housing Tax Credits in 2020 and received additional financing from the Pennsylvania Housing Finance Agency, the Lancaster County Housing and Redevelopment Authority, Fulton Bank and Tenfold Community Lending, according to the press release.
According to HUD data, six housing developments in Lancaster County have come online with the help of LIHTC credits over the last decade. Between all of them, 325 units are income-restricted, according to HUD data.