Project HOME, a non-profit organization dedicated to affordable housing efforts, had big plans to build a $13 million LGBTQ affordable housing complex on a series of parcels in North Philly, the first project of its kind in the city.
But now, the charity will have to make a big bid on the land at 1315 N. 8th Street at a bankruptcy auction in August, after higher bids came to the table last month, according to a Philadelphia Inquirer report.
The land is owned by the now-bankrupt North Philadelphia Health System, which began marketing its remaining properties here earlier this year. The land includes three buildings, including a psychiatric hospital and two health clinics.
Project HOME intended to purchase some of the parcels from NPHS and build affordable housing for 30 LGBTQ young adults. It would be the organization’s latest project after 2415 North Broad Street, which had about 1,000 applicants for just 88 spots.
In June, NPHS was given a month to wait for potential higher bids.
One of the bids that came through was a $10 million offer from a medical chain based in Tennessee. But other offers also came from investors “that are strictly interested in the real estate at Eighth Street and West Girard Avenue,” according to the Inquirer.
Now, Project HOME and other investors will have to bid on the parcels at a bankruptcy auction scheduled for August 11.
The organization has already raised $13.5 million for the project from state grants, the city, and private money. But those funds will be lost by August if Project HOME fails to win the bid.