As we come near the close of the year 2024, one of the things that is still a “thing” in Philadelphia is the search for affordable housing. It seems that rent and mortgages are ever on the rise, but are there still opportunities to become a home-owner, for instance, and to find a place to rent that you can afford?
I recently had the opportunity to talk with Dr. Ken Scott, President of Beech Companies located at 15th and Cecil B Moore Avenue in North Philadelphia. Here’s some of what he had to say about building affordable housing.
“As we speak, I know 30,000 people in Philadelphia are on the waiting list for affordable housing. That’s crazy. The city, on average, probably produces around 1,000 units of new housing a year. When I reference 30,000 people on a waiting list (right now) for affordable housing, that could be section 8, low-income housing, moderate-income housing, or senior housing. There are people who need subsidized housing because of the high level of poverty in the city.”
Beech Companies is well seasoned at housing and community development, and Dr. Scott understands the process of getting new housing built, which has a lot of moving wheels. Dr. Scott explained, “There are all kinds of factors involved with producing affordable housing. A lot of people just, don’t know the process. One way to produce affordable housing is to have a tax credit program where the state issues tax credits. The other thing some people may not know is that it can cost you some money to get all your paperwork in–and your application completed. You will have to hire some consultants to create some reports for you–it can cost you anywhere from $25,000 to $75,000 to get your application completed for that type of tax credit initiative. Funding is always limited (not just for tax credits) but other funding tied in with the city. Oftentimes, they will have joint funding where they want you to get the tax credits to make other funding available to you. Then there are also people who say, okay, we can do this conversion. We have a couple of projects (like that) where we’re just ready to do the conversion, but, it’s like I said, it’s so hard to pull everything together. It takes years. We have two projects that we’ve been working on for years at Beech, where we’ve been trying to do a conversion. It takes years.”
Dr. Scott talked about how some people think it’s an easy process, for example, to see a vacant property, purchase it, and then convert it into a living space for seniors, affordable housing for low-income families, or perhaps apartments for college students. But it’s not as easy as one, two, three, that’s for sure. Scott stated, “Beech Companies owns a property that was originally housing Temple University Students. Our plan was always, down the road, to convert that building over to community use. That was our strategy. It seems pretty simple, right? But with all the red tape and everything else you have to go through to make that happen and dealing with various funding sources, there are a lot of steps to the process. This project is at 15th and Cecil B. Moore Avenue, and we’ve been working now for a couple of years to get that property converted over. They’re beautiful apartments with a beautiful courtyard that is in great shape. It’s a struggle. These things don’t happen overnight. We’re working with various organizations and our elected officials to make it happen.”
In terms of community support for the conversion of the Temple student housing into affordable apartments for community residents, it was well received. “We already have people lined up who can’t wait to see the property open and be available for tenants to rent. It’s an ideal location with a bus stop basically at the front door for those who depend on public transportation. We have a strong business corridor, with a variety of storefronts that offer great services, plus a supermarket–just blocks away. That makes it ideal for senior housing at 15th and Cecil B. Moore Avenue. Even some of our other housing stock in the area that we’re trying to convert into affordable housing. These are great locations to relocate into and for people who just want to downsize from a house to an apartment.“
The affordable apartment complex that Beech Companies is working on at 15th and Cecil B. Moore Venue has one hundred units.
The original mission of Beech was that of a grant-making foundation to support community services. Today, they continue to expand our original mission with the Alston-Beech Foundation, Beech Community Services, and the Beech Capital Venture Corporation. Just like the Beech tree our name is derived from, our goal is to grow strong, vibrant communities that stand the test of time.
Truly, we should not reinvent the wheel. So, rather than attempt to pull new words from Dr. Ken as to what Beech Companies is all about and what it stands for, I will share Dr. Ken’s quote from the official Beech Companies website. It reads as follows: Over twenty-five Truly, we should not reinvent the wheel. So, rather than attempt to pull new words from Dr. Ken as to what Beech Companies is all about and what it stands for, I will share Dr. Ken’s quote from the official Beech Companies website. It reads as follows: Over twenty-five years ago, when North Philadelphia lay wounded from the ravages of the crack epidemic and the dissolution of viable economic opportunities, corporate or entrepreneurial, many wrote off this community. They saw the obvious symptoms of the ensuing neglect, decrepit rowhomes, weed-strewn lots, soaring unemployment, and creeping crime, and deemed it all a lost cause. Thankfully, a small band of men and women saw differently. They were the visionaries. They launched The Beech Experiment. After surveying the neighborhoods and the people who populated them, this group decided that this area was not only a sound investment but it would be a smart one. Success would require patience, persistence, and expertise, but the yield stood to be life-affirming. With more than 1,200 residential units built, countless people educated and employed, and significant capital steadily pouring in, it is clear who was right. The difference between a dream and a vision lies in the number of people who see it. And the right people at the right time glimpsed the vision of the founders of Beech Companies. I count myself among them. Today, Beech is more than an experiment. We are proof. We are a set of companies with an ongoing mission to provide economic uplift and concerted advocacy for the people who call and have called North Central Philadelphia home.”
Keeping it real, Dr. Scott said he had to admit that, too often banks and investors don’t want to put the effort into supporting affordable housing. They are using pressure tactics to force sales to market rate developers and make money but at the loss of affordable housing.
Next week, I’ll share a story about a new affordable housing apartment complex for senior citizens that’s being built at 20th and Clearfield in the Allegheny West area of North Philadelphia.
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