PHILADELPHIA, PA — Mid Penn Bank is providing about $1.9 million in construction financing for a $2.38 million affordable-homeownership project in Philadelphia’s Brewerytown neighborhood, backing 10 new homes through the city’s Turn the Key program.
Construction began following a Sept. 30 groundbreaking at 1424 N. Hollywood St. The development will include seven homes on North Hollywood Street and three more on North Newkirk, North Etting and North Dover streets.
Mid Penn Bank, a subsidiary of Mid Penn Bancorp Inc. (Nasdaq: MPB), is financing most of the project cost. The development also includes about $451,000 from the Philadelphia Accelerator Fund and developer equity.
Each home is planned at about 1,200 square feet, with an anticipated sale price of $280,000 and a projected market value of $385,000. Construction is expected to be completed in spring 2027.
The homes are being developed through Philadelphia’s Turn the Key program, which is designed to help income-qualified, first-time buyers purchase newly built homes on publicly owned land.
Eligible buyers may qualify for mortgage buydown and closing-cost assistance, subject to program requirements, and must complete approved homeownership counseling.
The project is being developed by Jordan Parisse-Ferrarini of Northwest Development Group. Parisse-Ferrarini has worked on more than 100 housing units and has also developed construction training and workforce-development programs.
Abe Ibrahim, Mid Penn Bank’s first senior vice president and Central Philadelphia regional president, led the bank’s financing.
“Projects like this are why we’re committed to building our presence in Philadelphia,” Ibrahim said. “We’re proud to provide the financing and work alongside partners who share that commitment.”
Mid Penn classified the project as Community Reinvestment Act-qualified, tying the financing to the bank’s broader affordable-housing activity in its service areas.
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