HACP Reaches $67M in Gap Financing Investments, Celebrates Multiple Ongoing PBV Affordable Housing Developments

The Housing Authority of the City of Pittsburgh (HACP) is proud to join its partners this week to celebrate the completion and ongoing development of multiple affordable housing projects with continued gap financing and Project-Based Voucher investments, which have now reached $67 million since the program's 2015 inception.

Celebration Ceremonies

Three Downtown and Uptown developments - Uptown Flats, 120 Cecil Way, and Standard on Fifth - will be celebrated on Sept. 22, 23, and 24, respectively. The HACP invested $6.6 million in gap financing and 100 Project-Based Vouchers (PBVs) in these projects through federal Moving to Work (MTW) dollars.

• Tuesday, Sept. 22, Ribbon Cutting at Uptown Flats, 1406 Fifth Ave.

Uptown Flats is a new, four-story, 34-unit affordable housing development that will provide supportive services to residents. This project was completed through an innovative partnership between Bethlehem Haven, a service provider for women at risk of homelessness, and ACTION-Housing. The HACP invested 34 PBVs in Uptown Flats.

• Wednesday, Sept. 23, Celebration of Progress at 120 Cecil Way, located at 120 Cecil Place Downtown.

This is a special adaptive reuse project by developer Beacon Communities that converted a decommissioned steam plant into all-affordable 97 units. Beacon partnered with Pittsburgh Scholar House to set aside 49 units (supported by HACP's PBV program) for single parents pursuing secondary education. Program participants who reside at 120 Cecil Way will also receive extensive wraparound services provided by Pittsburgh Scholar House, including childcare, counseling, career readiness, and transportation assistance, housed within the development. The HACP invested $4.9 million and 49 PBVs in the Cecil Way project.

• Thursday, Sept. 24, Ribbon Cutting at The Standard on Fifth, 2120 Fifth Ave. in Uptown.

The Standard on Fifth is new construction of 51 units, completed through a partnership between Beacon Communities and Uptown Partners of Pittsburgh. The HACP invested $1.7 million and 17 PBVs in the project.

Ongoing Developments

Also this week, the HACP Board of Commissioners will vote on Thursday to commit previously allocated MTW Gap Financing funds in the amount of $7.2 million, along with 103 PBVs, to three additional ongoing developments - North Homewood Avenue (preliminary award in FY 2023), Ross Loft Apartments (FY 2024), and Carrick Senior Apartments (FY 2024). These funds will be transferred to HACP's development arm, Allied & Ross Management and Development Corporation (ARMDC), and ARMDC will lend them as gap-financing loans for these projects.

• North Homewood Avenue, intersection of North Homewood Avenue & Hamilton Avenue and Tioga Street, is a new four-story, 44-unit mixed-income development with first-floor commercial space. The McCormack Baron Salazar project was awarded $4.2 million in gap financing loans, and 30 PBVs through the 2023 HACP program.
• Ross Loft Apartments, 100 Ross St., Downtown, is a 46-unit adaptive reuse of a historic office building by Woda Cooper Development Inc. The project was awarded a $1.5 million gap financing loan and 23 PBVs through the 2024 HACP program.
• Carrick Senior Apartments, 2531 Brownsville Road, is a new development containing 52 multi-family apartments for seniors by CHN Housing Partners and Amani Christian Community Development Corporation. The project was awarded $1.5 million in gap financing and 50 PBVs through the 2024 HACP program.

Since its inception in 2015, the HACP and ARMDC have invested and committed nearly $70 million in local affordable housing developments through the Project-Based Voucher/Gap Financing Program - spearheaded under Executive Director Caster D. Binion's leadership and supported by federal MTW funds through HUD - with more than 1,800 PBV units either completed, under construction, or in pre-development. (Note: This does not include all of HACP developments. The $70 million figure is solely for Gap Financing loans).

"The HACP, with assistance from HUD and local partners, will continue to fill in the gaps for these innovative developments in efforts to bring more affordable housing to those City of Pittsburgh residents who need it the most," HACP Executive Director Caster D. Binion said. "We are fortunate to have so many community partners working toward the same mission of improving the quality of life for all area residents. We will do whatever we can to invest in these incredible adaptive reuse and new development projects."

For a list of current open waiting lists at HACP Project-Based Voucher sites, please visit: https://hacp.org/housing/apply-for-housing/

Media Contact: Michelle Sandidge, HACP Chief Community Affairs Officer, 412-456-5058, [email protected]