Kemmerer Road Housing
Completed in 2010, the Kemmerer Road housing project near Lederer Park brings 9 mixed income housing units to State College. Four market rate units keep the numbers financially sound while five affordable units make housing more accessible to lower income families in town.
Behind the Scenes: How Public Financing to a Housing Nonprofit Works
As an established government entity able to act as the financing conduit for this project, the RDA took out the loan and transferred it to the Home Foundation, Housing Transitions’ nonprofit subsidiary that focuses on development. Then, each year, the RDA repays the bank for the loan while Housing Transitions repays the RDA.
To further boost the project, the RDA also used $400k of community development block grant funds.
This kind of financing “tag team” effort enables the RDA to bring additional affordable housing stock to the area (one of their primary goals for community and economic development) and allows non-profits who may not have the ability to secure enough funding to continue their important work within the community.
