Odin Properties Renovates Affordable Housing Units in Kensington
Fresh Start Granted: Revamped Apartments in Kensington Offer a New Lease of Life for Previously Homeless Families
In a recent development, Odin Properties, a locally based development company, has completed a renovation project on 31 affordable housing units along Frankford Avenue in Kensington. Known collectively as the Kings Highway Apartments, these properties lie between East Cambria and Ann streets, near Allegheny Avenue.
The majority of the units are single-family homes with two or three bedrooms. Remarkably, many tenants have a history of homelessness, and this initiative offers them a much-needed respite as they enter stable housing.
"This feels unbelievably surreal," stated Claudia Mathieu, a 37-year-old mother of four, within the master bedroom of her new home. "I no longer feel on edge."
The renovation project aligns with Odin Properties' mission to create high-quality, affordable housing without displacing existing residents or leaving anyone behind. On the occasion of the ribbon-cutting ceremony, Odin CEO Philip Balderston emphasized this commitment.
Tenants will pay the Philadelphia Housing Authority 30% of their adjusted monthly income for rent and utilities, with the remaining expenses covered by funds from the U.S. Department of Housing and Urban Development. All the units in the complex are now leased out, and they will remain affordable for at least the following 20 years due to deed restrictions.
Amidst a surge in market-rate developments in the neighborhood, this affordable housing initiative is a significant part of an ambitious revitalization effort led by Mayor Cherelle Parker's administration. Balderston noted the importance of maintaining a consistent low-income base throughout evolving neighborhoods.
Odin Properties acquired the units from a nonprofit developer who couldn't finish the project last year. The company used approximately $1 million in private funding to restore the dilapidated properties, which had been mostly vacant for over a decade. The units were initially created as affordable housing by the Philadelphia Housing Authority in the mid-1990s.
The company partnered with the city's Office of Homeless Services, Department of Behavioral Health, and Division of Housing and Community Development for this project.
Recently, the Public Interest Law Center filed a class-action lawsuit against Odin Properties, representing working-class tenants at Bentley Manor, a West Oak Lane apartment building operated by the company. The lawsuit alleges that the company demanded and collected rent from residents for several months, despite the property being declared an "unsafe structure" by the city's Department of Licenses and Inspections.
City and state law mandates that landlords maintain their properties in a safe and habitable condition. In Philadelphia, violators are prohibited from collecting rent until the property meets the necessary standards. In response, Balderston dismissed the lawsuit's allegations, emphasizing the company's care for its residents and concern for the accuracy of the claims.
Controversies surrounding Odin Properties' management practices and tenant safety have intensified, with residents at other properties also reporting allegedly neglected urgent repairs, including faulty ceilings, plumbing issues, and pest infestations.
In light of these developments, it's crucial to maintain an ongoing dialogue about the complexities of affordable housing and the roles of private developers in addressing housing insecurity effectively.
- Odin Properties has demonstrated a commitment to investing in real-estate by renovating 31 affordable housing units in the home-and-garden sector, specifically along Frankford Avenue in Kensington.
- The investing in affordable housing by Odin Properties has significantly impacted the lifestyle of many tenants, providing them with quality, yet affordable housing options, such as the recent Kings Highway Apartments.
- Despite controversies surrounding the management practices and tenant safety of Odin Properties, their focus on revitalizing neighborhoods, like Kensington, through the housing-market, remains an essential component of Mayor Cherelle Parker's urban lifestyle improvement measures.
