Esperanza begins redeveloping Roberto Clemente Middle School into affordable housing
On October 13th, Esperanza broke ground on the adaptive re-use of Roberto Clemente Middle School which will become a mixed-use building with 38 affordable apartments. Philadelphia LISC provided Esperanza with a bridge loan to make the project happen. Philadelphia LISC provided financing for both the residential and commercial portions of the project. LISC, in partnership with Reinvestment Fund, provided a $11.6 million construction loan to bridge the Low Income Housing Tax Credit equity, of which $1 million will convert to permanent financing. LISC also provided a $940,000 construction bridge loan for the commercial space, of which $440,000 will convert to permanent financing.Check out the coverage on Curbed and the story featured on Esperanza's website (excerpt below).
Excerpt from Esperanza's Media Advisory:
Esperanza held a groundbreaking ceremony at the former Roberto Clemente Middle School building to celebrate the many partners that came together to advance affordable housing in Hunting Park on Friday, Oct. 13.
Philadelphia Mayor Jim Kenney had nothing but the highest praise for the transformative work Esperanza is doing in Hunting Park. He congratulated Rev. Luis Cortes, Founder, President & CEO of Esperanza, for his mission and vision for the community. The Mayor gathered along with other political and community leaders from across the city, as well as Esperanza staff members and neighbors, for the celebration.
“Esperanza is changing lives, and that should be celebrated,” said Mayor Kenney. “Projects like these make our neighborhoods safer. By building stronger communities, we’re building a stronger economy.”
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