A History of Helping People

In 1975, BHI requested a $20,000 grant from Bristol Township to purchase its first house, rehabilitate it and sell it to a lower income family.  By 1980, BHI was able to purchase a house on its own, rehab it. That same year, the corporation received a $122,000 Neighborhood Self-Help Development Grant from HUD to carry out a concentrated project in the Bloomsdale-Garden/Fleetwing Estate neighborhoods.  Over a period of 18 months, BHI acquired, rehabbed and sold 11 homes. That effort pushed BHI to a new level of professionalism and established it as a competent housing developer.  As a result, the corporation was able to obtain millions of dollars in government grants and private foundation funding. The leadership of BHI and the legal support services of Regional Housing Legal Services (RHLS) next turned its attention to providing rental housing for those who could not afford to purchase a home. This caused the creation of the Affordable Housing Initiatives Project.  The program spawned BHI’s Scattered Site program to include 3 Low Income Housing Tax Credit (LIHTC) developments - Coleman Court Townhomes, Silverlake Plaza and Towpath House.  BHI used Pennsylvania Housing Finance Agency Low-Income Housing Tax Credit (LIHTC) program to attract investor equity into all 3 projects.

Patriots Ridge

Without a doubt, the most ambitious undertaking of BHI to date has been its participation in the creation of Patriots Ridge, a 600-unit development of mixed housing near Doylestown. Affordable Housing Initiatives, Inc., a BHI subsidiary, was a special limited partner in the development of the community of affordable homes built by C&M Builders.  Actually, it was BHI’s participation that enabled these homes to become affordable by obtaining favorable construction financing, first mortgages with below-market interest rates, and second mortgages with a zero interest rate. The savings on the construction loans were reflected in the building costs and this lowered the selling price of the homes.  Then, the BHI subsidiary helped those who qualified obtain low-interest mortgages to buy the units and soft second mortgages to cover the down payment and closing costs.  To be eligible for this assistance, an applicants income could not be more than 80% of the county’s median income. BHI obtained funding for the second mortgages through the Bucks County Housing Trust Fund.  CoreStates and PNC Bank provided construction and mortgage funding. As a result of BHI’s participation, many families who otherwise wouldn’t be, are homeowners.  The Bucks County Commissioners thought so highly of this program that they issued a proclamation praising the venture and declaring a Patriots Ridge Day throughout the county.

 BHI’s Low Income Housing Tax Credits

Silverlake Plaza (dev. 1991) was BHI’s first new construction undertaking.  The 15 townhouses were built for $1 million on a 1.8 acre tract in Bristol Township. The development consisted of the first modular homes to be built in Bucks County.  Costs remained low and construction was completed in four months.  Acknowledging the need for affordable housing for single mothers, BHI maintains at least 60% Section 8 occupancy. The project was selected as the best in Eastern Pennsylvania and the State of Delaware by The Federal Home Loan Bank.  BHI and at the time, First Federal Savings and Loan were presented with the prestigious Pillars of the Community Award.

Towpath House (dev. 1993) a two-story, 17 unit apartment building in Morrisville was vacant and dilapidated when BHI bought it at a sheriff’s sale.  The total cost of developing the project was $1.7 million.  The building was purchased in August 1993.  The first tenants occupied the apartments in December 1994. Morrisville Borough Council was so pleased with the project that it adopted a commendation praising BHI and executive director, Joe Watts.  The commendation said BHI worked diligently to transform a rundown dilapidated apartment building with many serious structural problems into an attractive and modern apartment complex which provided affordable housing to 17 deserving families.

Coleman Court Townhomes (dev. 2000) are located at the corner of Coleman and Philadelphia Avenues in Morrisville. This development features: Three 2-bedroom townhouses; one 3-bedroom townhouse; and one 4-bedroom townhouse. Each unit has a sliding glass door and patio. One of the 2-bedroom units is equipped for the hearing and vision impaired. The 4-bedroom unit is handicap-accessible and has 2 full bathrooms. Construction was completed August 30, 2001. Coleman Court was developed by Better Homes, Inc. (B.H.I.) and funded by: Federal Low Income Housing Tax Credits; The Pennsylvania Housing Finance Agency; PennHOMES funds; Bucks County HOME Investment Partnership funds; and a reinvestment of developer fees earned by B.H.I.

The Rental Program

The Scattered Sites Program was started in 1987 to provide housing for those who do not qualify to buy a home.  Under this plan, BHI purchases a property, renovate it and then rent it to low to moderate income families.  There is a long and continuous waiting list for the rental program, which has properties located throughout Lower Bucks County.  A house at 313 Washington St. in Bristol Borough was the first property placed under this program.  It was converted into three apartments of one, two and three bedrooms.  The entire cost of the project was $90,500.  Including the apartment complexes, BHI currently manages 59 rental units and hopes to increase the availability of affordable units as funding permits.  Each of the units are being rented to low-to-moderate income residents of Bucks County.  Typical renovations include: New energy efficient HVAC systems, upgraded electrical and plumbing, renovated bathrooms, kitchens and standard repairs including painting and flooring.

 The Home Resale Program

The resale program is probably the very essence of BHI.  The original program enabled low income families to become homeowners. This is accomplished by purchasing dilapidated homes, renovating them and selling them to those who qualify. The program started in 1975 with a $20,000 grant of Community Development funds from Bristol Township.  It is a revolving program in which proceeds of the sale of a property are used to purchase and renovate another property. Other highlights of the program are 5737 and 5739 Fleeting Drive.  The properties were severely damaged by fire in 1993.  They sat vacant and continued to deteriorate for seven years.  BHI spent over $125,000 to purchase the properties, clear the sites and reconstruct two homes.  Both properties have since been sold to lower income families.  Due to the looming possibility of a recession, homebuyers are limited, affordable housing stock is non-existent and interest rates are just not affordable for our constituents.  Inspite of this downturn, we are pretty confident that our Rental Program will thrive in this market and beyond due to the fact that our rents are based on HUD income eligibility standards. To date BHI has purchased, renovated and resold nearly 100 properties and we hope with grants, private donations, investor capital and bank financing we will be able to continue to fulfill the hopes of families wanting to become a part of the American Dream of homeownership and for those who are not financially positioned to become homeowners at this time, we will continue to provide quality rentals at an affordable rate.