$20 million initiative will deliver significant renovations to the Fishtown senior housing community

Pennrose and project partners today celebrated the start of the Neumann North revitalization, a $20 million initiative to preserve and improve the 67-unit affordable senior housing community in the Fishtown neighborhood of Philadelphia. The rehabilitation is expected to be completed in Q1 of 2027.

Speakers at the celebration included: Jacob Fisher, Regional Vice President, Pennrose; State Senator Nikil Saval, Senate District 1, Pennsylvania State Senate; Jada Greenhowe, Counsel, Pennsylvania Housing Finance Agency; Katherine Wagner, Resident, Neumann North; and Timothy I. Henkel, CEO & Principal, Pennrose.

The revitalization will deliver significant capital improvements to the five-story building, including replacing outdated mechanical systems, updating elevators, re-glazing windows, replacing appliances with more energy efficient models, and making repairs to the building’s exterior façade. In-unit renovations will be assessed on a case-by-case basis and 11 units will be made ADA accessible for residents with mobility or hearing and vision impairments.

In addition to repairs and upgrades, Pennrose Management Company (PMC), serving as the property manager, will offer robust on-site supportive services for residents through an experienced Community Impact Coordinator. The tailored management plan will enable residents to achieve and maintain self-sufficiency while addressing the unique needs of the senior population. Residents will continue to have access to on-site amenities, including a management suite, community room, and laundry facilities on each floor.

“After nearly two decades of serving residents with affordable housing, Neumann North will receive much-needed functional and aesthetic improvements to ensure the community’s long-term sustainability and performance,” said Jacob Fisher, regional vice president at Pennrose. “We look forward to preserving a vital housing resource and improving quality of life for current and future residents.”

Neumann North was originally developed in 2006 as an adaptive reuse of a former hospital, converting the building to its current residential use. As part of the Pennrose acquisition, the existing public housing units were converted through RAD (Rental Assistance Demonstration) to be covered by Project-Based Vouchers, ensuring long-term affordability. Of the 67 units, 4 units will be restricted to households at 30% of the Area Median Income (AMI), 10 units at 40% AMI, and 53 units at 50% AMI.

“The improvements planned will not only address the physical needs of the aging building, but also the long-term affordability in an up-and-coming neighborhood with rising housing costs,” added Marsha Blunt, president of Pennrose Management Company. “Our goal is to ensure older residents have the resources and support to age in place comfortably and to thrive.”

The preservation of Neumann North is made possible by the following funding sources: 9% Low-Income Housing Tax Credit (LIHTC) equity, Pennsylvania State Housing Tax Credit equity, Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) funds and First Mortgage provided by Pennsylvania Housing Finance Agency, City of Philadelphia Neighborhood Preservation Initiative (NPI) funds, and Philadelphia Housing Authority funds.

Headquartered in Philadelphia, Pennrose is active across the Northeast region and throughout the country. Most recently, the company celebrated the grand opening of Man An House, which delivered 51 high-quality, 100% affordable senior housing units in Philadelphia's Chinatown neighborhood. Pennrose is also working closely with The Philadelphia Housing Authority (PHA) on the comprehensive Sharswood revitalization.