Board of City Trust Homeownership N & SW

The Board of Directors of City Trusts (BCT) undertook a multi-phase initiative to expand affordable homeownership opportunities in Philadelphia. In Phase I, BCT developed and successfully sold 7 high-quality homes to first-time homebuyers at or below 80% of Area Median Income (AMI). Phase II, which moved into predevelopment, added 5 more homes, bringing the total to 12 new affordable homeownership units.

Under Phase III, BCT rehabilitated 10 additional homes located along South Salford, South 58th Street, and South 57th Street. These homes, each approximately 1,100 to 1,500 square feet, were transformed into 3-bedroom, 1.5-bath single-family units. The project included upgraded interiors and improvements to the building façades, preserving the architectural character of the blocks. Sidewalk enhancements further improved the overall streetscape and neighborhood appearance.

This initiative supported the City’s goals to increase affordable housing stock, stabilize communities, and provide low- to moderate-income families with opportunities to build equity through homeownership.

Stone Sherick Consulting Group’s Role

Stone Sherick Consulting Group (SSCG) played a pivotal role throughout the development of Phases II and III. SSCG:

• Led the predevelopment and financing strategy, identifying and securing viable funding sources while aligning the project with local, state, and federal affordable housing programs.
• Oversaw project feasibility and underwriting, ensuring compliance with affordability requirements and financial sustainability.
• Provided strategic guidance on design and rehabilitation, helping to preserve the historic fabric of the blocks while improving livability.

Facilitated coordination among stakeholders and community partners, ensuring the development reflected and supported the goals of the surrounding neighborhoods.
Through its leadership and technical expertise, Stone Sherick Consulting Group ensured the success of Phase III, helping the Board of City Trusts deliver a thoughtful, community-centered homeownership initiative that contributed to long-term neighborhood revitalization.