Overview
- The Philadelphia Building & Construction Trades Council will loan $50 million to the Philadelphia Housing Authority to redevelop Brith Sholom House, a partnership officials called unprecedented.
- PHA plans a $99.6 million gut rehabilitation, bringing the overall project cost to roughly $150 million alongside the union financing.
- The city guarantees repayment to the trades at 4.5% interest over 15 years, and PHA is responsible for paying back the loan.
- The project is expected to deliver about 336 affordable apartments for seniors, with construction set to start in the fourth quarter and conclude in roughly 20 months.
- PHA bought the deteriorated property for $24 million in 2024 after resident displacement; former owners tied to the Puretz family later received prison sentences and restitution orders in a related fraud case.