Transforming Downtown: New Affordable Housing Projects Approved

Written by Lourdes Rodriguez

Exciting news for Downtown Pittsburgh! 93 affordable apartments will be coming into the Golden Triangle. 

The Urban Redevelopment Authority (URA) has approved an additional $750,000 from the Rental Gap Program in an effort to aid the conversion of unused office spaces into 93 units of affordable one bedroom apartments for senior citizens. 

The URA has approved $4M in loans to begin the development of the First and Market project at 100 First Avenue in Downtown Pittsburgh. Additionally, The URA also authorized $25M in Multifamily Financing Bonds to pay for the project. The bonds are intended to aid the construction of affordable rental housing developments. Further funding will be obtained from tax credits, such as Low Income Housing Tax Credits from the Pennsylvania Housing Financing Authority. 

The project consists of converting an 11-story vacant office building into affordable housing, led by Beacon Communities. The overall cost of the project is $41M.

Each apartment will be issued to those with Section 8 vouchers. The building will feature on-site management, laundry facilities, an exercise room, and community resources for health, food, and finances. 

Construction is scheduled to begin in November. The project will take approximately 18 months.