MILLERSBURG, PA — Mid Penn Bank has announced its role in financing the Martha Street Workforce Housing Project, a development aimed at expanding affordable housing opportunities in Philadelphia’s Port Richmond neighborhood. The project, located at 3013-3049 Martha Street, features 19 newly constructed, deed-restricted townhomes. A ribbon-cutting ceremony was held on March 28 to mark the milestone, with developers, community members, and city officials in attendance.
Mid Penn Bank provided a $3.42 million construction loan to support the project, developed in partnership with The Riverwards Group and BMK Homes. The bank’s Senior Vice President and Senior Real Estate Lender, Ryan Schlegel, led the financing efforts and highlighted the importance of the initiative. “Mid Penn Bank is proud to provide funding for this critical project,” Schlegel said. “Investing in the future of the city while ensuring that everyone has access to safe, stable, and affordable housing is central to what we do as a community bank.”
The Martha Street project is part of Philadelphia’s “Turn the Key” program, which leverages publicly owned land to create affordable homeownership options for residents earning up to 80% of the Area Median Income (AMI). Homes are priced at or below $265,000, with a 15-year deed restriction to ensure long-term affordability. The restriction requires resale to income-qualified buyers, prohibits rentals, and prevents profit-driven resales.
This development aligns with the city’s efforts to address housing challenges, offering working families an opportunity to secure stable housing in vibrant communities. Mid Penn Bank’s involvement signifies its commitment to strengthening local communities and supporting affordable housing initiatives.
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