Germantown YWCA project in limbo as developer seeks tax credits for senior affordable housing

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After a decade of delays, the future of the former Germantown YWCA appears to be as uncertain as ever.

Ohio-based KBK Enterprises said Wednesday that it is still awaiting word on whether it will be awarded a critical construction subsidy for the crumbling city-owned building. If it isn’t, the company’s plans to transform the historic property into affordable senior housing could be derailed.

“That’s going to allow the project to proceed forward,” said Keith Key, KBK president and CEO. “We think this is a big piece of the puzzle to be able to attract some equity in the project.”

KBK’s latest proposal is to transform the Y into a 51-unit apartment building for older adults. The subsidy, in the form of low-income housing tax credits, is needed to make those rentals affordable.

During a virtual community meeting, Key told residents the Northwest Philadelphia building would have studios and one-bedroom and two-bedroom units. He said rents would be affordable to residents earning 60% of the area median income and below. That translates to $51,540 a year for an individual.

The four-story property would also have ground floor commercial space, as well as an outdoor terrace and garden. The proposal also calls for redeveloping a parking lot. It’s unclear how many spaces it would have.

“This historic redevelopment, we’re excited about because I think we get a chance to bring back to life a building that I think has a lot of purpose for a lot of people in the neighborhood,” Key said. “There’s just a lot of next steps.”