The groundbreaking of Camino De Oro, a senior housing project in North Philadelphia was recently celebrated by city officials and leaders of Asociación Puertorriqueños en Marcha (APM). The Latino economic development nonprofit, APM, is now set to move forward with the construction phase of this housing project, which has been in the works since 2019.
The Camino de Oro housing project is intended to assist in meeting the growing need for affordable housing in Philadelphia, especially for senior citizens. According to Kelvin A. Jeremiah, the President and CEO of the Philadelphia Housing Authority(PHA), APM’s mission is on the same page with PHA’s plans of building, growing and nurturing communities. Jeremiah said this was the reason the PHA donated nine lots to support the development of this senior housing project.
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Camino De Oro housing project brings affordable 44 units for seniors
Development plans for the 3-story Camino de Oro affordable housing building will include 44 apartments for senior residents of ages 62 and older, earning up to 60% of the area median income, which amounts to about $39,720. The apartment units feature a mix of 38 one-bedroom apartments and six two-bedroom apartments. There will be six units from the mix, designed to prove easy accessibility to disabled people. Another five units will also be designated for seniors residents with incomes that are up to 20% of the area median income, which is approximately $13,240.
The president and CEO of APM, Nilda Ruiz, also mentioned that the company had plans of installing energy-saving building technology and getting certified under a National Green Building program; a move which Ruiz said would keep the utility expenses low for the residents and ensures that there is always a circulation of clean fresh air. In addition, the building will also provide several amenities for the residents such as a community room, leasing office, laundry house, a green space for gardening and other planned activities.
Funding for the Camino De Oro housing project comes from various sources which include the $11,998,800 equity from a Low Income Housing Tax Credit program, $914,800 from the Pennsylvania Housing Finance Agency’s Construction Cost Relief Program, and $2.8 million from the Philadelphia Department of Housing and Community Development. The developers expect the new senior housing apartment to be open for its first set of residents by fall this year.
