A two hundred year old, three story home on Elfreth’s Alley, often called America’s oldest continuously inhabited street, has fallen into foreclosure. The fall of 109 Elfreth’s Alley into disrepair and foreclosure underscores that no property, not even historic property, is immune from the current foreclosure crisis.
The home has sat vacant since 2008 when its owners abandoned it in the midst of an unfinished renovation. Since then, the home has suffered from severe water damage, mold infestation and vandalism.
The fate of the home is now in limbo as two banks sort out their claims on the property. No other historic private home in the country has fallen into a similar situation, but many historic churches are facing similar foreclosure problems.
While Philadelphia is set to enact legislation requiring banks or individuals in possession of foreclosed vacant properties to bring them up to code within 15 days, the Elfreth’s Alley neighborhood association is working to secure funding and labor to help restore the home. However, the second bank with claims on the property has not yet been identified and due to uncertainty about how that bank may wish to proceed, the neighborhood association’s hands are effectively tied.
Until then, 109 Elfreth’s Alley continues to fall into disrepair – though everyone agrees that the risk of the property being demolished is relatively small.