West Philadelphia Real Estate specializes in developing affordable housing. The company currently has over 40 houses under construction in various West Philadelphia neighborhoods. The projects are a mixture of new construction and rehabilitation of deteriorated homes.
Joe McQuillan, a partner at West Philadelphia Real Estate, has worked to develop affordable housing at the company for approximately 10 years. He said that the 40 homes currently under construction will be LEED-Certified and environmentally friendly, and that the project builds upon 20 other homes that were completed in June 2010.
“We try to revitalize an entire block at a time if we can,” he said.
Part of the financing comes from the federal government to subsidize the construction costs of affordable housing, which allows West Philadelphia Real Estate and other companies like it to keep costs down.
As for finding tenants, McQuillan said that the process isn’t much different from that of other real estate companies. Prospective tenants submit rental applications and have their credit checked, and the only difference is that their income must remain below a certain level in order to be eligible for affordable housing.
“We can’t rent to students or people with a lot of money,” he said. “We need to confirm that their incomes are within the limits we need to adhere to, and if they’re good tenants and have the right income, they’re ready to rent.”