4050 Apartments

The 4050 Apartments project is an affordable housing development led by People’s Emergency Center in the Lower Lancaster neighborhood of West Philadelphia. Developed on a long-vacant site at 4050–4066 Haverford Avenue, the project was designed to provide permanently affordable housing tailored specifically to low-income artists while contributing to the continued revitalization of the surrounding community. Situated near major transit corridors, neighborhood retail, and nearby universities including the University of Pennsylvania and Drexel University, the development was strategically planned to preserve affordability in an area experiencing increasing housing pressures and neighborhood change.

The development consists of a three-story, 20-unit residential building designed to support both living and creative workspaces for artists and families. The unit mix includes one-, two-, and three-bedroom apartments affordable to households earning between 20% and 60% of Area Median Income (AMI). The building incorporates a variety of shared community-oriented spaces including a community room, collective kitchen, exhibition areas, classrooms, playrooms, and shared studio space. Apartments were intentionally designed with features supportive of artists’ live-work needs, including flexible open layouts, abundant natural light, high-speed connectivity, and dedicated utility features for creative work.

Beyond housing, 4050 Apartments was envisioned as a community-centered development focused on long-term resident stability and neighborhood engagement. Residents have access to supportive services including on-site case management, employment training, financial literacy workshops, afterschool programming, and tenant support resources. The project leveraged a broad public-private financing partnership including Low Income Housing Tax Credits (LIHTC), project-based vouchers, private equity investment, and Federal Home Loan Bank financing to advance the development and create sustainable affordable housing opportunities within West Philadelphia.

Stone Sherick’s Role in the Project

Stone Sherick Consulting Group provided project development consulting support for the 4050 Apartments development, assisting with the coordination and advancement of the project’s financing and development strategy. Their role included supporting the structuring of layered affordable housing financing sources, assisting with public funding applications and development coordination efforts, and helping guide the project through predevelopment activities necessary to position the development for successful implementation. Stone Sherick worked alongside the broader development team to support the realization of a community-focused affordable housing project that combines housing stability, neighborhood revitalization, and creative economic opportunity.