Proposed Norristown Apartment Building Denied Low-Income Housing Tax Credits

Location of Norristown in Montgomery County

Location of Norristown in Montgomery County (Photo credit: Wikipedia)

Editor’s note:  YAHOO!

NORRISTOWN ­­— The developer of a proposed $17 million, 96-unit apartment building slated for a Montgomery County parking lot in Norristown has been denied $1,020,581 in low-income housing tax credits requested from the Pennsylvania Housing Finance Agency (PHFA).

The proposal from Pennrose Properties of Philadelphia was not included on a July 11 list of Cycle 2 awards from the PHFA, according to Jerry Nugent, the executive director of the Montgomery County Redevelopment Authority.

“I have no idea what effect this will have on the project,” Nugent said.  “My understanding is there was an appeal filed by Doug Seiler and other people for the (Norristown) variances granted.  I don’t know how long that will run.  The legal appeal could run for a year or more.”

The development company secured the zoning variances on March 26 for the proposed, four-story building and has not yet submitted site plans to the Norristown planning department.

Read more:  http://www.timesherald.com/article/20130721/NEWS01/130729944/proposed-norristown-apartment-building-denied-low-income-housing-tax-credits#full_story

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