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Low to High High to Low Selected FiltersBrands: GE Width: 19 - 23.9 Depth: 14 - 16 Search Results Jan/Feb Gazette: Gazetteer: West Philadelphia
In order to keep housing rents reasonable in its back yardand maybe do a better job on the upkeep of those buildingsPenn has entered into the Partnership for Quality Housing Choices in University City. The University and Fannie Mae, the giant home-mortgage-financing corporation, have each invested $5 million in the partnership, while the University of the Sciences (the former Philadelphia College of Pharmacy and Science) has contributed $1.5 million and First Union National Bank is providing up to $30 million in mortgage financing. Trammell Crow, the real-estate management firm, will manage the properties.
Weve been active for a number of months now, and have significant amounts of properties under our control already, said Tom Lussenhop, Penns managing director of institutional real estate. Were looking at larger, multi-family buildings with 10 units or abovethose which tend to be 40-60 years old, which have served the neighborhood very well for many decades. Its about preserving, for the long haul, moderately priced rental housing in the neighborhood. And our strategy is to ensure that this housing stock is still around 30 years from now.
Penn, he added, has a real interest in being part of a functioning multi-family housing market. While he stressed that the housing is available to anyone, not just students, he said that student demand may come to about 50 percent of the market, so it would be natural that a significant number of units would be occupied by students. But a healthy multi-family market is a good thing for Penn.
Lussenhop acknowledged there has been some healthy skepticism expressed toward Penn and its intentions by some of its neighbors, though most of them have come to see the benefits, too.
Every civic association in University City has a list of buildings that have been under-maintained and under-managed and in general caused problems in the neighborhood, he said. And once theyve expressed their suspicions of hegemony, he noted, they say, Gee, will Penn take a look at these buildings across the street?
Penn President Judith Rodin, who noted that Penn has long been a significant force in shaping demand for rental housing in its neighborhoods, said that the partnership ensures that the University is now positioned to strategically manage this demand for the benefit of the broader community.
Yvonne Haskins, Fannie Maes senior manager for community development, said that she expected the partnership to serve as a model for other communities around the country who are just as interested as Penn in preserving a community while moving forward to making it more livable and more viable for a larger, more diverse group of people.