The Valley Opportunity Council (VOC) cut the ribbon on 11 new market rate apartments at the building on the corner of Hampden and Pearl Streets. The VOC purchased the building last year and in just 1 year has completed renovations and has fully occupied the units. The investment into the building is approximately $300,000.
The upgrades include converting the building’s heating system from oil to gas, which will pay for itself within two years; replacing the electric service entirely, which was deemed unsafe, and rewiring all the units. Also the units include brand new kitchens, bathrooms, flooring and refinishing of the hardwood floors as well as new porches.
The City, like the VOC, has identified the need for the addition of market-rate units to the local housing stock. Offering quality housing options affords residents working their way up the socioeconomic ladder with the opportunity to move within their community rather than out. The City recently enabled a program to incentivize market rate housing developments within the Center City. The program, named the Center City Housing Incentive Program (CCHIP), offers as incremental real estate tax abatement on added value from a market rate housing development.