Mid Penn Bank (the “Bank”), a wholly-owned subsidiary of Mid Penn Bancorp, Inc. (“Mid Penn”) (NASDAQ: MPB), is proud to announce its construction financing of the Martha Street Workforce Housing Project located at 3013-3049 Martha Street in the Port Richmond section of Philadelphia. A ribbon-cutting ceremony was held on March 28 to celebrate the development of 19 newly constructed, deed-restricted townhomes that will expand affordable housing opportunities for working families in the City of Philadelphia.
Mid Penn Bank Senior Vice President and Senior Real Estate Lender Ryan Schlegel served as the lead lender on the project. The $3.42 million loan from Mid Penn Bank is financing the construction of the homes, which are being developed and built by The Riverwards Group and BMK Homes. He also spoke during the ceremony, emphasizing the importance of supporting local communities through affordable housing initiatives. Developers, community members, and city officials were also in attendance to mark the occasion.
“Mid Penn Bank is proud to provide funding for this critical project,” Schlegel said. “Investing in the future of the city while ensuring that everyone has access to safe, stable, and affordable housing is central to what we do as a community bank.”
The Martha Street project is part of the City of Philadelphia’s “Turn the Key” program, which utilizes publicly owned land to provide affordable homeownership opportunities to income-qualified residents. The project is part of the City of Philadelphia’s Workforce Housing initiative and is designed to help homebuyers earning up to 80% of the Area Median Income (AMI) become homeowners.
Each home is listed for no more than $265,000 and is subject to a 15-year deed restriction, which requires resale to income-qualified buyers, prohibits rentals, and prevents resale for profit.
