A new affordable housing project in downtown Allentown, Walnut Square Apartments, will begin construction in early 2025 with $14.3 million in tax credits and additional funding, aiming to provide low-income housing in a rapidly growing area.
Downtown Allentown to Get New Affordable Housing Development with $14.3 Million Tax Credit
According to the report of The Morning Call, a new affordable housing project is coming to downtown Allentown, with a $14.3 million tax credit from the Pennsylvania Housing Finance Agency. The Walnut Square Apartments will be built on a parking lot and parish house near Life Church. Cortex Residential plans to start construction in early 2025, and it will take about a year to finish. The building will have 29 one-bedroom, three two-bedroom, and six three-bedroom apartments for low-income families.
The Walnut Square Apartments project is set to provide much-needed affordable housing in the Lehigh Valley, where rising rents and home prices have strained many families. This new development will offer rents that are manageable for those earning below the area’s median income, with some units reserved for even lower-income residents. Alongside affordable rents, the building will feature a welcoming lobby, a community room for gatherings, and dedicated spaces for support services, creating a supportive and inclusive environment for its residents
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$14.3 Million Boost: Affordable Housing Project Breaks Ground in Downtown Allentown – Offering 38 Units for Low-Income Residents! (PHOTO: The Morning Call)
Cortex Residential Secures Additional $2.6 Million in Funding for Allentown Affordable Housing Project
Cortex Residential, led by Jonathan Strauss, secured additional support through a $2 million grant from Allentown and $600,000 from Lehigh County. This funding will be crucial for moving forward with the Walnut Square Apartments project and addressing the pressing need for affordable housing in the region.
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