PHILADELPHIA, April 11, 2012 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today celebrated the groundbreaking of Paseo Verde, a $47.2 million mixed-use development that will be the centerpiece in the redevelopment of a distressed Philadelphia neighborhood. FHLBank San Francisco contributed a $520,423 Affordable Housing Program (AHP) grant to the project's financing through Bank member JPMorgan Bank & Trust Company.
Developed by Asociacion de Puertorriquenos en Marcha (APM) and Jonathan Rose Companies, the environmentally friendly Paseo Verde project will provide 120 units of affordable and workforce housing and 30,000 square feet of commercial and retail space next to the Temple University Regional Rail Station.
"The Federal Home Loan Bank of San Francisco is proud to participate in the construction of this exciting project," said Lawrence H. Parks, Senior Vice President of Legislative and External Affairs at FHLBank San Francisco. "It will transform a vacant lot into a vibrant development of housing, retail outlets, and commercial businesses and create a foundation for the neighborhood and its residents as the community continues to grow."
This green project will seek both LEED for Homes and LEED for Neighborhood Development certifications. Green features include green and blue roofs, permeable paving, water gardens, solar panels, and the use of recyclable and renewable materials. Materials chosen for the project will reduce environmentally triggered health conditions, such as asthma.
In addition to affordable housing, Paseo Verde will also offer a variety of benefits to the community, including affordable healthcare and social services.
The ceremony was attended by Philadelphia Mayor Michael A. Nutter; City Council President Darrell Clarke; State Sen. Shirley M. Kitchen; Jonathan F. P. Rose, President of Jonathan Rose Companies; Nilda Ruiz, President of Asociacion Puertorriquenos en Marcha (APM); and other local officials.
"Paseo Verde represents another step toward Philadelphia becoming America's greenest city," said Mayor Nutter. "Once again, Philadelphia and its development partners are demonstrating that affordable can be sustainable."
Ms. Ruiz said that APM has been working for more than 40 years on building better futures for the community. "Paseo Verde is the culmination of that effort," she said. "This project will benefit our residents for generations to come by improving their quality of life through financial education, healthy lifestyles in a LEED Platinum green environment, and increased regional access. Paseo Verde demonstrates what can be accomplished when private and public sectors work together with community input and guidance."
Mr. Rose said, "Paseo Verde fills a gap at the hub of a great transportation system, Temple University, and a vibrant community. An ordinary project would have filled the space between these elements. But we aspire to create an extraordinary project, which will magnify the contributions that each of these make to the City. Paseo Verde is the result of the deep collaboration between partners. Acting together, here, in North Philadelphia, we will show the world a new, green way."
Rep. Robert Brady (PA-1) represents the area in Congress. "This is a great day for Asociacion Puertorriquenos en Marcha and its partners, such as FHLBank San Francisco, who are helping to revitalize a distressed community," said Brady, who couldn't attend the event. "We have a groundbreaking today, but when this development is completed we will see a model mixed-use housing development in a neighborhood that has been overlooked too long."
The project is expected to be completed by spring 2013.
About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote economic development. The Bank's members are headquartered in Arizona, California, and Nevada and may include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions.
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SOURCE Federal Home Loan Bank of San Francisco