Funding that will allow for construction to begin on a transit-focused housing and retail project in Homewood and for the replacement of Addison Terrace in the Hill District has been approved by the Pennsylvania Housing Finance Agency.
Brian Hudson, PHEA Executive Director and CEO called local officials including state Rep. Joseph Preston, Pittsburgh Councilman Rev. Rickey Burgess and Mayor Luke Ravenstahl with the news April 12 that the board had approved $2.4 million in low-income credits.
The Homewood development, which involves partnerships with Hosanna Industries and the Home Depot Foundation and calls for 44 units of new senior housing above retail space along Race street and on both sides of the East Busway. The idea is to create a transportation-related focal point that brings both Homewood and North Point Breeze together.
“This project is an important step in the revitalization of the Homewood community,” said Councilman Ricky Burgess. “It will help to spur development from the Busway down along the Homewood Ave. corridor.”
Ravenstahl said the concept, called “Bridging the Busway” seeks to reconnect the two neighborhoods new and innovative ways to develop housing and parks, potential uses for vacant land, strategies for revitalizing neighborhood business districts, and ways to build a sustainable future for the community.
“Tax credits are a vital financing tool for the construction of much-needed affordable housing in our city,” he said. “We are grateful to the PHFA board and staff, including Executive Director and CEO Brian Hudson, and to all those whose efforts helped to provide generous tax credits for these worthy neighborhood developments.”
State Sen. Jim Ferlo, D-Lawrenceville, who represents both communities and serves on the Urban Redevelopment Authority board, praised the cooperative effort that resulted in the award.
“Working with developers and community stakeholders, the City of Pittsburgh has been able to win two significant grant awards from PHFA to continue our efforts in rebuilding new housing opportunities that will lead to more sustainable communities,” he said.
The total cost for the housing portion of the project is $11 million. No start date for construction has been set.
Developer Keith B. Keys has been selected to manage the Addison Terrace project that will replace the 80-unit Addison Terrace with 80 new rental units, 16 of which are handicapped-accessible.
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