Regency Commons offers 42 one- and two-bedroom apartments for seniors age 62 and older that will serve Clarion, PA, and the surrounding community in an ongoing effort to enhance local affordable housing. This pet-friendly community, targeted to seniors earning below 50% of the Area Median Income, promotes a vibrant and health-conscious lifestyle for its residents. It offers a range of amenities such as a media room, fitness center, pet washing station, a covered patio with a fireside gathering lounge, an innovation center featuring a library, and a spacious community room. Residents also have complimentary laundry facilities on each floor, state-of-the-art stainless-steel appliances, elegant granite countertops, contemporary cabinetry with ample pantry space, and more.
The development of Regency Commons was made possible through CAHEC's partnership with the Hudson Companies, a real-estate developer with more than 30 years of experience based in Hermitage, PA. New to working with the Low Income Housing Tax Credit, Hudson Group has completed two affordable housing properties. Their stabilized portfolio includes 23 properties; 12 are Government-leased office buildings, two are multifamily properties, two are medical buildings, six are multiple tenant/medical buildings, and their corporate office.
Rehabilitation: 49 Units
Private Equity Investment: $5,291,471
Local Jobs Supported: 28
Local Government Revenue: $138,831
It is estimated that the senior population in Clarion accounts for around 20% of the total population, with households aged 65 and older comprising 30% of total households in the area. Both numbers are projected to increase moderately over the next several years, indicating the need for additional affordable senior housing. According to data from 2017, 1,146 individuals in Clarion meet the age and income requirements, while there are only 155 units available specifically for seniors. Current occupancy at low-income properties in Clarion is over 98%, with all age-restricted properties being at 100% occupancy. Regency Commons will help alleviate the high demand for senior housing caused by the lack of affordable properties nearby.
Regency Commons was built for local seniors to feel at home while enjoying a convenient location and modern amenities. The property sits in a neighborhood close to the primary business district of Clarion, offering easy access to necessary resources and services. The apartment community engages with residents through on-site events such as holiday parties, spring soup sales, and contests. Local senior renters will now have Regency Commons as an affordable and safe option to call home.