Allegheny County – July 12, 2024 – Today, Sen. Wayne Fontana announced that three affordable rental housing projects in the 42nd Senatorial District will receive over $7 million in tax credits and loans.
“I am proud to support these projects that make a huge difference in peoples’ lives, while helping to redevelop our communities,” Fontana said. “This funding will provide affordable housing, will renovate and preserve buildings, and put people to work.”
Fontana has secured over $10 million in funding for affordable housing, housing assistance, and homeownership initiatives over the past five years.
The funding was approved by the Pennsylvania Housing Finance Agency, which is working to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Overall, PHFA announced funding for 1,916 rental units, including 1,801 for affordable housing for households at or below 60% of the area median income.
The May Building Downtown was awarded $1,431,000 in federal Low Income Housing Tax Credits and $1,000,000 in Pennsylvania Housing Tax Credits. The project includes the preservation of the 12-story building at 111 Fifth Avenue, consisting of 31 efficiency units and 55 one-bedroom units for general occupancy and elderly, and ten accessible units. The development is estimated to be a total of 77,171 square feet.
The House Building at 4 Smithfield Street Downtown was awarded $1,431,000 in federal Low Income Housing Tax Credits and $1,000,000 in Pennsylvania Housing Tax Credits. Known as the Smithfield Lofts, the project includes substantial rehabilitation and historic preservation, including 4 efficiency units, 25 one-bedroom units, and 17 two-bedroom units. There will be nine accessible units. The development is estimated to be a total of 67,756 square feet.
Hays Manor in McKees Rocks was awarded $1,429,655 in federal Low Income Housing Tax Credits and $750,000 in a federal Housing Trust Fund loan. Located at 209 Locust Street, the project will convert six two-story buildings, consisting of six one-bedroom, 31 two-bedroom, and 13 three-bedroom units for general occupancy. There will be six accessible units and the development is estimated to be a total of 64,258 square feet.
More information on the PA Housing Finance Agency and the funding awards can be found here.
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