Stonebridge Senior Apartments to open next week

Stonebridge Senior Apartments is about 50 percent leased ahead of next week’s opening.

The affordable housing project’s construction was completed at the end of 2015 and will begin to house seniors Tuesday. S&A Homes Vice President Andrew Haines expects it to take six months for the apartments to be fully leased.

The residential development is a welcome addition to housing opportunities, according to Centre Region Senior Center Supervisor Cindy Stahlman. She said some members recently approached her about the apartments.

“We haven’t really talked about it too much here, and it’s already snowballing,” Stahlman said. “People are talking about it, because there’s definitely a need for it.”

Stonebridge Senior Apartments, which has 58 units for residents age 62 and older, is an income-restricted community. Prospective residents must earn less than 60 percent of the area median income.

“Centre County is one of the most unaffordable housing areas in the commonwealth due to (Penn State) and the high development costs,” Haines said.

Rents range from $263 to $946 for one- and two-bedroom units. One-bedroom apartments average 580 square feet and two-bedroom apartments average 859 square feet.

Haines said the development was made possible by state Senate Majority Leader Jake Corman, R-Benner Township, and Ferguson Township.

The building will provide two community spaces, which will include the management agent offices, a computer room, a library, laundry facilities, a meeting room and a community kitchen.

Located off Bristol Avenue near Stonebridge Drive in Ferguson Township, residents will have access to the adjacent pool and tennis courts.

Financing was provided through a mix of funding mechanisms including equity from the sale of tax credits, low-interest loans from Pennsylvania Housing Finance Agency, and Northwest Savings Bank purchased the housing tax credits in exchange for an equity infusion.

An open house will be held in the spring, though dates have not been determined.

This story was originally published February 24, 2016 at 3:38 PM with the headline "Stonebridge Senior Apartments to open next week."