PHILADELPHIA (CBS) — Project HOME is hoping to close the deal on a new $13 million project that would provide more affordable housing for homeless LGBT youth. The seller is in bankruptcy, which has slowed the process.
Project HOME has been slated to purchase a North 8th Street lot owned by North Philadelphia Health System. But the group filed bankruptcy putting the $1.7 million deal in jeopardy. But a bankruptcy judge has given the health system until July 7 to identify a better deal– or move forward.
“The offer from Project Home is a solid offer and we are hoping the deal can go forward,” said Sister Mary Scullion, who runs Project HOME.
The nonprofit has planned two developments on the lot, 40 units of homeless housing and 30 units of LGBTQ-friendly affordable youth housing.
“This will be the first permanent affordable housing for homeless youth in our state,” Scullion said.
If the deal moves forward in July, Project HOME could close the deal in August.