June 21, 2024

HUD: $18.7 Million Transaction Closed to Preserve Affordable Rental Homes for Pittsburgh Families

Today, the U.S. Department of Housing and Urban Development’s Office of Multifamily Housing Programs announced the recent completion of a Rental Assistance Demonstration (RAD) transaction with the Housing Authority of the City of Pittsburgh (HACP). The transaction will enable the city of Pittsburgh to rehabilitate and preserve nearly 90 affordable rental homes at Manchester Commons, which comprises 56 properties in various locations across northwestern Pittsburgh.

“At HUD, we are not just building new affordable housing – we are preserving affordable homes so they remain available for families into the future,” said HUD Acting Secretary Adrianne Todman. “Today, working with our local partners, we have closed a critical transaction to fund needed repairs.”

Originally developed as a HUD Housing Opportunities for People Everywhere (HOPE) VI mixed-finance development in the 1990s, Manchester Commons consists of eight small multifamily residential buildings and 48 single family homes. This transaction will enable extensive renovations, including the repair or replacement of exterior structures such as roofing, siding, windows, doors, stairs and walkways. Interior home improvements will update kitchen appliances, plumbing equipment, furnaces, air conditioning units, and hot water heaters. Additionally, five homes will be renovated to comply with Uniform Federal Accessibility Standards (UFAS) designation, two of which will be designated for those with hearing or vision impairments.

“We are pleased to announce the availability of these funds to improve the homes of Manchester Commons,” said Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon. “This investment underscores our commitment to improving the living conditions for individuals and families and revitalizing the northwestern Pittsburgh community.”

The total construction cost for the project is $18.7M, or approximately $217,000 per home, and will be financed through a combination of four percent Low Income Housing Tax Credits, funding from HACP, Moving to Work Housing Choice Vouchers, and the State of Pennsylvania Housing Finance Agency.

This post was originally published here.