MOSCOW, June 9, 2017 – State Sen. John Blake (D-Lackawanna/Luzerne/Monroe) and state Rep. Mike Carroll today joined a group of local officials and business leaders to break ground on the $11.3 million Academy II Senior Housing project in Moscow.
The Academy II Senior Housing complex will feature 48 units and will be adjacent to two market-rate developments, the renovated Academy Street School and Academy Gardens, to form a mixed-income, multi-generational campus in downtown Moscow.
“As our citizens advance in years they need to consider the transition from high maintenance and costly residential living to high-quality, affordable senior living alternatives in our communities,” Blake said. “This is an exciting project for the entire Moscow community that will offer our seniors the comfort and the peace of mind they deserve. I know that residents at Academy Street will enjoy these new apartments and the project we break ground on today will add significant value to the downtown community and business district.”
The Academy II Senior Housing complex received significant assistance through the Pennsylvania Finance Agency. Last summer, the project was awarded $1.07 million in annual tax credits for 10 years and a $970,000 loan through the PennHOMES Program. The PennHOMES loan has a zero percent interest rate, a 30-year term, and repayment is made from excess cash flow as determined annually by the Agency. Blake indicated that the Tax Credit Investor, CAHEC from Raleigh, NC, invested $10.3 million dollars for the tax credit. The project was also awarded a $50,000 loan through Lackawanna County’s ACT 137 funds.
“Moscow is a wonderful place to live and this project will allow many North Pocono residents to continue to remain in the community they proudly call home,” Carroll noted. “Future residents of this project will be the beneficiary of living in close proximity to a vibrant Main Street, in a safe neighborhood and in a borough with outstanding community leaders.
The development will consist of 44 one-bedroom and 4 two-bedroom units; including 6 fully accessible units, all of which are equipped for the audio-visually impaired. Three of the accessible units will have rents affordable to households at or below 20% Area Median Income (AMI), 22 units will be affordable to households at 50% AMI and 23 units will be affordable to households at 60% AMI.
The complex will also feature a 1,091 sq. ft. Community Room with a kitchenette, outdoor patio, management/supportive services offices, fitness center and game room. Academy II will be connected by a nature trail to one of the borough’s prized outdoor attractions, Golden Park.
Through United Neighborhood Centers of Northeastern PA, the supportive services program will include a wide variety of planned activities which will support and stabilize older adults as they transition through the next stages of their lives.
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