October 4, 2020
Innova Highlighted in Philly.com Article on Affordable Housing
To Innova’s Allegretti, there are better ways to produce for-sale affordable housing. By tapping into the city’s existing programs, he was able to build 15 affordable units in Point Breeze that will sold for an average of $239,000. That price might seem high, but the housing is targeted to people earning between 80 percent and 120 percent of median income, about $53,000 to $80,000 for a couple. People earning less, in Allegretti’s view, will have a more difficult time financing new homes and will be less able to afford their upkeep. He also believes that “Philadelphia doesn’t really have an affordable housing problem. It has a housing quality problem,” and he supports programs that focus on fixing existing housing stock.