Affordable Multifamily Property in Pittsburgh: KeyBank Funds Letsche School Development
KeyBank Community Development Lending and Investment (CDLI) has granted a construction loan of $9.8 million and $11.8 million in Low-Income Housing Tax Credit (LIHTC) equity for a project in Pittsburgh, Pennsylvania. This initiative, known as the Letsche School Development, involves repurposing the historic former Letsche School and constructing four townhomes on adjacent vacant lots.
The goal is to create an affordable multifamily property that offers 46 mixed-income units. These units will be available to families and individuals earning up to 60% of the area median income (AMI). The project includes 25 units subsidized by a Section 8 Housing Assistant Payment (HAP) Contract, while seven units will be rented at market rate. The unit breakdown consists of 27 one-bedroom units, 12 two-bedroom units, and seven three-bedroom units. Along with the residential units, the property will feature amenities such as a community room, courtyard, picnic area, laundry room, playground, and elevator.
To support the residents, an on-site Resident Service Coordinator will be appointed. This coordinator will be responsible for organizing educational, recreational, and cultural programs within the property. Their role also involves connecting residents, especially families, children, and non-elderly individuals with disabilities, to various supportive services they may require to maintain independent living. These services encompass rent assistance, mental and behavioral health resources, workforce training, family empowerment initiatives, education programs, health and wellness services, youth enrichment opportunities, and community-building activities.
Beacon Communities, a developer, owner, and manager of multifamily real estate properties with a focus on affordable housing, is the project sponsor. The initiative has also received permanent financing from the Pennsylvania Housing Finance Authority and aligns with the Hill District Community Development Corp (CDC) Master Plan, which aims to rejuvenate existing structures and provide affordable housing within mixed-income developments in Pittsburgh's Greater Hill District.
The project is located 0.2 miles east of downtown Pittsburgh in the central area, making it easily accessible to various urban amenities and newly developed infrastructure. Residents will have convenient access to grocery and convenience stores, public transportation, employment opportunities, recreational parks, pharmacies, banks, and hospitals. Many of these services are within walking distance of the property.
The financing for this project was structured by Eric Steinberg, Seaver Rickert, and Anna Belanger from KeyBank CDLI.
The goal is to create an affordable multifamily property that offers 46 mixed-income units. These units will be available to families and individuals earning up to 60% of the area median income (AMI). The project includes 25 units subsidized by a Section 8 Housing Assistant Payment (HAP) Contract, while seven units will be rented at market rate. The unit breakdown consists of 27 one-bedroom units, 12 two-bedroom units, and seven three-bedroom units. Along with the residential units, the property will feature amenities such as a community room, courtyard, picnic area, laundry room, playground, and elevator.
To support the residents, an on-site Resident Service Coordinator will be appointed. This coordinator will be responsible for organizing educational, recreational, and cultural programs within the property. Their role also involves connecting residents, especially families, children, and non-elderly individuals with disabilities, to various supportive services they may require to maintain independent living. These services encompass rent assistance, mental and behavioral health resources, workforce training, family empowerment initiatives, education programs, health and wellness services, youth enrichment opportunities, and community-building activities.
Beacon Communities, a developer, owner, and manager of multifamily real estate properties with a focus on affordable housing, is the project sponsor. The initiative has also received permanent financing from the Pennsylvania Housing Finance Authority and aligns with the Hill District Community Development Corp (CDC) Master Plan, which aims to rejuvenate existing structures and provide affordable housing within mixed-income developments in Pittsburgh's Greater Hill District.
The project is located 0.2 miles east of downtown Pittsburgh in the central area, making it easily accessible to various urban amenities and newly developed infrastructure. Residents will have convenient access to grocery and convenience stores, public transportation, employment opportunities, recreational parks, pharmacies, banks, and hospitals. Many of these services are within walking distance of the property.
The financing for this project was structured by Eric Steinberg, Seaver Rickert, and Anna Belanger from KeyBank CDLI.
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