February 27, 2019 – PHILADELPHIA– The City of Philadelphia, Philadelphia Redevelopment Authority, and City Council work developers, Mo Rushdy and Larry McKnight of The Riverwards Group, celebrated the ribbon-cutting of the Francisville Workforce Housing project, located on Parrish Street between 15th and 16th streets.
These 16 homes are three-bedroom units being sold for $229,990. Each unit has spacious private backyards, a 10-year tax abatement, and no condo or HOA fees.
“Affordable Housing for working class homeowners is so important,” said Mayor Jim Kenney. “As neighborhoods across the City continue to change and grow, it is imperative to have housing for Philadelphians at all income levels. Philadelphia’s Workforce Housing Initiative was designed to leverage the value of publicly-owned land to create housing opportunities that will be affordable to households within a certain income level. This is a necessary part of the affordable housing creation model, and I look forward to more developments like this across the city.”
“We are honored to have been the developer on this project,” said Mo Rushdy of the Riverwards Group. “Because the requirements for workforce housing states that buyers must earn no more than $73,000 to qualify, this gives many more Philadelphians the chance to live in a great neighborhood like Francisville. These houses won’t be “flipped” and local residents get to stay in their neighborhood. It’s a win-win for everyone.”
“Our Workforce Housing Initiative is just one example of how cities can leverage existing assets to shore up their core strengths: diverse neighborhoods populated by working people who can raise families and plan for retirement in comfort,” Council President Darrell L. Clarke (5th District) said. “A strong housing market should not be frightening; rather, it should provide benefits that make our neighborhoods better, more welcoming places for all. I am grateful to all of our partners here who are committed to ensuring that the City of Philadelphia continues to manage growth in a fair and responsible way, with the goal of making every neighborhood a community of choice.”
“Francisville Workforce Housing development is a perfect example of how the private sector, teaming up with the public sector, can provide a good product (single family homes) at great pricing for hard-working, working class families,” said Larry McKinght of the Riverwards Group said “This isn’t the first time that The Riverwards Group participated in this great program. In fact, we did the first workforce housing development for the city two years ago and now Francisville is next. We want to do our fair share of giving back to this great city and can’t wait to do more when provided the opportunity.”
“I always wanted to buy a house in the neighborhood I grew up in, but I couldn’t afford it,” said first time Francisville homebuyer LaTonya McDaniels. “When I heard about this workforce housing development, I couldn’t pass up this opportunity.”
Another new homebuyer Kris Johnson said that he had rented until now. “To become a homeowner is something very special,” Johnson said.