Respect and care for Philadelphia’s history – its irreplaceable neighborhoods and unique residents – is at the core of our values at MMP.
The responsibility to nourish and grow within Philadelphia’s many communities has been incumbent on our efforts since our inception. We have worked – and continue to work – on a small scale with local families, organizations, and neighborhood partners to find suitable apartments for people in need of quality, affordable housing. This has been essential to our efforts and we continue to make this a more prominent feature of our rental portfolio. Some of our most recognizable projects include the Pyramid Lofts, the AF Bornot Dye Works Lofts and The Civic at the border of Fairmount and Francisville. Currently, we are developing five new properties, including the incredibly exciting and historic Poth Brewery in Brewerytown.
In our work over the past two decades, we have observed that it has become increasingly difficult for a large percentage of the population to afford a decent apartment within the City’s core. According to a Pew Research Study*, “despite being less expensive than some other large cities, Philadelphia has a significant affordable housing** problem and needs to explore a variety of policy options to address it.” Additionally, affordable housing is generally not located throughout the City’s core, and therefore does not help to create equitable opportunities for people of all income levels. We believe that a person’s ability to live closer to their workplace adds value to what they are able to offer to not only their employer but also, the immediate business community – in terms of quality of life, engagement, and productivity. Decreased time spent commuting to work means lower greenhouse gas emissions, an increased economic spend in the immediate community and amenities that the City has to offer, and the ability to place a high value on a balance between work life and home life.
Our beliefs led us to create the Start Somewhere program. It is true that Philadelphia is in dire need of thousands of affordable apartments, but it is also true that these efforts need to start somewhere. MMP is committed to identifying and providing 30 apartments throughout our portfolio as affordable and workforce housing in the next 30 days.
Our call to action is for our close friends and colleagues in the industry to look at their portfolios and hand pick some units in their best performing assets, and to designate these units as affordable. For example, if MMP has a 132 unit building, we will designate 3-5 of those units as affordable.
If MMP is able to sign up 4-8 more developers in 2022 that share our vision, MMP and our Partners will be able to designate and offer more than 150 apartments as affordable within the first year.
Start Somewhere is a feature of MMP’s enduring commitment to history, culture, and community.
** Affordable housing corresponds to monthly rental figures based on 30% AMI. This is a generalized figure and are subject to change.
Ask Us About Start Somewhere