Homeownership Project

Homeownership Project Description

The Tioga United Homeownership Project renovated six long-term vacant, architecturally significant residential structures in the Tioga neighborhood of Philadelphia, creating affordable homeownership opportunities for first-time low- and moderate-income buyers. These large, historic properties ranging from 3,000 to 4,000 square feet, were reduced to more manageable sizes of 1,600 to 2,100 square feet while preserving their original character. This innovative approach provided a model for renovating oversized homes in Tioga for single-family ownership rather than demolition or conversion to multifamily rental housing.

Three of the six units included three bedrooms and three included four bedrooms, with one unit designed to be fully accessible and visitable. Homes sold between $95,000 and $115,000, ensuring affordability to households earning between 47% and 80% of area median income (AMI). All six properties were acquired through the City of Philadelphia Redevelopment Authority’s condemnation process. Tioga United, the project sponsor and developer, assembled a strong development team, including Regional Housing Legal Services for legal support, Sherick Project Management for consulting and fundraising, and NewCourtland as a development partner and construction lender.

This homeownership project served as a cornerstone of ongoing redevelopment efforts in Tioga. It complemented neighborhood investments such as the beautification of the Tioga Street recreation area, demolition of unsafe structures, and renovation of multifamily properties for affordable rental opportunities. By creating affordable homeownership options, the project stabilized Tioga’s residential blocks, preserved its rich architectural heritage, and supported long-term community revitalization.

Stone Sherick Consulting Group (SSCG) Role
SSCG provided technical assistance to Tioga United by reviewing project budgets, identifying and assessing financing sources, and advising on overall financial feasibility. SSCG also assisted in preparing and submitting funding applications to ensure the necessary capital was secured to complete construction. Through ongoing support and coordination with Tioga United and its development partners, SSCG helped guide the project to a successful completion.