Project Overview

5141-47 W. Master Street is an 18-unit, 100% affordable family rental development in the Carroll Park section of West Philadelphia. The project is structured under Philadelphia’s §14-702(7) Mixed-Income Housing Bonus, with all 18 units rented to households at or below 50% AMI through the Philadelphia Housing Authority Housing Choice Voucher Program.

Project Details

Address: 5141-47 W. Master Street, Philadelphia, PA 19131
Neighborhood: Carroll Park, West Philadelphia
Census Tract: 42101011100 — Federally-designated Opportunity Zone · CDFI Investment Area
Unit Count: 18 units (12 three-bedroom + 6 two-bedroom)
Building: 4-story new construction with cellar
Architect: Morrisey
Status: Pre-construction (permit-ready)

Affordability Commitment

100% of units rented to households at or below 50% AMI
50% of units reserved for households at or below 30% AMI
50% of units reserved for families experiencing homelessness
30+ year affordability covenant recorded against the property

Capital Structure

Total Development Cost: ~$4.16M. Financing strategy combines senior construction debt, an FHLBank Pittsburgh Affordable Housing Program grant (under review), CDFI subordinate debt, and sponsor equity, structured for long-term financial sustainability without LIHTC tax credits.

Timeline

Construction loan closing target: Q1 2027
Construction complete: Q2 2028
Stabilized occupancy: Q4 2028