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Methodist Towers

22 Jul
2025

The Situation

Methodist Towers in Erie, Pennsylvania, a 137-unit senior affordable housing property, had been owned and operated by the First Methodist Church of Erie since the 1970s. The church operated the property under a “pay what you can” model, meaning residents paid what they could afford for rent. While well-intentioned, this model hindered the property’s financial stability, leading to substantial deferred maintenance and jeopardizing the community’s long-term viability. Without immediate intervention, Methodist Towers risked further physical decline, compromising safe and affordable housing for its residents.

The Solution

CPP acquired an extended ground lease for the Methodist Towers property, enabling the church to retain land ownership while CPP took on renovation activities and operational control the building. The $50,000-per-unit renovation, funded through PHFA tax credits and bonds, nonprofit soft loans, and a tax-exempt permanent loan, focused on major system upgrades, accessibility improvements, and modernization of resident units and common areas. Professional management replaced church-led operations to ensure financial sustainability, with oversight mechanisms that allow the church a right of first refusal after 15 years, giving them the option to repurchase the property.

The Results

This project demonstrates how mission-driven partnerships and sustainable financial planning can transform aging properties and support community goals. The Methodist Towers renovation has stabilized the property financially and physically, offering safe, modernized housing for its senior residents with a 40-year extended affordability commitment. CPP’s stewardship model preserved the church’s community mission while ensuring that residents continue to benefit from affordable, quality housing.  

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