A multimillion-dollar senior housing project should be completed by mid-year, an official said.
Housing Development Corp. MidAtlantic in Lancaster is building the Market Square Apartments on Penn Street in Reading.
The total cost of the project is $5 million, with $359,479 in annual tax credit funding awarded by The Pennsylvania Housing Finance Agency. The tax credit equates to about $3.6 million in tax credit equity.
Workers are 36 percent finished with the project, said Donna Overly, marketing specialist for HDC MidAtlantic.
“We are still doing major work, both interior and exterior,” Overly said.
The project should be finished in May, she added.
The 38-unit senior housing complex is a four-story building undergoing façade replacement and interior and system upgrades. The rehab effort involves adding multiple renewable energy systems and technologies such as solar photovoltaic renewable electric panels on the roof, water saving devices, energy efficient appliances, lighting and occupancy sensors to further offset utility costs in common area space.
The general contractor, Benchmark Construction, is based in Lancaster.
A nonprofit, HDC MidAtlantic recently completed an $11 million, 46-unit affordable housing community in Bethlehem, its first venture in the Lehigh Valley.