Skyview Park Apartments
Skyview Park Apartments was built in 1973 and was originally financed under HUD's Section 236 program. The community was developed in partnership with National Housing Trust (CO-General Partner) and includes a mix of one, two and three bedroom Garden Style and Townhouse apartments, all of which are covered by Section 8 project-based subsidy. Evergreen redeveloping the property in partnership with National Housing Trust/Enterprise Preservation Corporation, a nationally recognized non-profit group committed to preserving and revitalizing affordable housing units throughout the United States.
Skyview Park Apartments
43 Crown Circle Drive
Scranton, PA 18505
Phone: (570) 346-7323
Office Hours: M-F 9:00 am-5:00 pm
Preservation Transaction Description
First Mortgage Financing: Provided by Deutsche Bank and insured under HUD's 221 (d)(4) program.
Equity Financing: Equity raised through the sale of 9% low income housing tax credits provided by the Pennsylvania Housing and Finance Agency.
Additional Financing: HUD 236 Mortgage IRP Decoupling, Weinberg Grant, County Grant, State HRA-Program Funds, City of Scranton Home Funds Grant and PennHOMES Funding.
Section 8 Contract Renewal: Yes, with a budget based rent increase.
Property Rehabilitation Scope
Over $8.5 million in total rehabilitation funding including:
- kitchen cabinets, counters, appliances & flooring
- bathroom vanities, lavatories & flooring
- new lighting throughout
- new carpeting in common areas & apartments
- new paint throughout
- new windows
- new roof
- new community building
Other Benefits for Residents and the Community
The new community building will house new management offices, a new computer center, fitness center and community space. We will also be adding a new Resident Services Program.
Development Partners
Co-General Partner
National Housing Trust
Allocating Agency
Pennsylvania Housing and Finance Agency
Local HUD Office
HUD Philadelphia
Municipality
City of Scranton, Pennsylvania
First Mortgage Lender
Deutsche Bank
Tax Credit Investor
SunAmerica
Legal Counsel
Pepper Hamilton LLP
Blank Rome LLP
Architect
The Architectural Team, Inc.
General Contractor
Sordoni Construction
Due Diligence Contractors
Appraisal: Robert D. Wright, MAI
Capital Needs: EMG, Inc.
Environmental: EMG, Inc.
Surveyor: Lugate Engineering
