John Hennessy III,
P.E.
The most recent announcement of a major development that will take advantage of the Opportunity Zones program is in Pennsylvania. A developer has announced plans to build what will be the tallest building outside the main business and commercial area of the city. The project, a 30-33 story, $130 million, mixed-use facility, will include 250 apartments, two floors of office space and space for restaurants on the first floor.
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The lack of affordable housing has become a national problem. The Urban Institute reports that for every 100 low-income American households seeking affordable apartments, fewer than 30 units are available. And the National Apartment Association reports 4.6 million new units will be needed by 2030. City leaders need homes near the heart of the city for people who are employed by law enforcement, fire departments, emergency response units, school districts and health care facilities… and in most urban areas, affordable homes simply don’t exist.
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