Hopewell Manor
58 E. Main St., Elverson Borough, PA 19520
71 Units
Senior Housing
Sources of Funds
- Low Income Housing Tax Credit (LIHTC) equity
- Pennsylvania Housing Finance Agency (PHFA) PennHOMES
- PHFA American Recovery and Reinvestment Act (ARRA) Section 1602 Tax Credit Exchange Program
- Chester County HOME
- Chester County Housing Trust Funds
- Federal Home Loan Bank of Pittsburg (FHLB) Affordable Housing Program (AHP)
- Pennsylvania Department of Community and Economic Development (DCED) Housing and Redevelopment Assistance Program (HRA)
Project Description
Hopewell Manor is an acquisition, adaptive reuse, and new construction of 71 units for seniors in Elverson Borough, Chester County, PA. This project is a testament to DVDC's commitment to getting the deal done. With a complex land development process that included parcels being purchased from a local Fire Company and the Borough, a transfer of portions of the parcels amongst the parties, the realignment of a conservation walking trail, the abandonment of a County easement, re-zoning, lot-line consolidation, subdivision and conditional use approvals, and consideration for timing of the Elverson Fire Company constructing and moving to its new facility. DVDC obtained all approvals and closed on the land summer 2009 after nearly 2 years' worth of work. Funded with a 2008 LIHTC award from the Pennsylvania Housing Finance Agency, PennHOMES, Chester County HOME and Housing Trust Funds, and FHLB Pittsburgh AHP funds, the project was completed in Spring 2011. The project includes a reused main fall from the former fire station as a community center for the seniors. DVDC and Fairville Management Company have contracted with the area Senior Center to run a senior center substation from the building to provide residents services and activities directly on-site.
Project Status: Completed 2011
