A $20.4 million development is planned to bring affordable housing for seniors to Pittsburgh’s Fairywood neighborhood.

New Jersey-based Tryko Partners plans to create 46 new housing units, 39 of which are earmarked for affordable housing using low-income housing tax credits.

Five of the units will be available for seniors making 20% of the area median income, 19 for seniors making 60% of the area median income and 15 for those making 60% of the area median income. The area median income is $66,400.

Tryko’s plans also call for seven market-rate units.

Six of the units will be fully accessible to Americans with Disabilities Act guidelines, and seven will be equipped for people who are hearing and vision impaired. Each unit will be about 700 square feet.

The total cost for the new housing development, dubbed Cedarwood Homes, is estimated at about $20.4 million.

“It is definitely a much-needed project,” said Isaac Sassoon, vice president at Tryko Partners.

Sassoon said the company hopes to break ground on the $20.4 million project within the next 60 days.

Pittsburgh’s Urban Redevelopment Authority voted Thursday to sell Tryko Partners a plot of land that formerly was the site of the Fairywood School, which has since been demolished, for just under $435,000.

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