URA taps last of $9M federal fund to boost Downtown Pittsburgh affordable housing | TribLIVE.com
TribLive Logo
| Back | Text Size:
https://triblive.com/local/ura-taps-last-of-9m-federal-fund-to-boost-downtown-pittsburgh-affordable-housing/

URA taps last of $9M federal fund to boost Downtown Pittsburgh affordable housing

Julia Felton
| Thursday, April 11, 2024 5:43 p.m.
Massoud Hossaini | TribLive

Pittsburgh’s Urban Redevelopment Authority board on Thursday approved millions of dollars to help developers convert empty Downtown buildings into affordable housing.

The move came amid persistent concerns about how Downtown has rebounded since the covid-19 pandemic and widespread shifts to remote work that left many offices empty.

By authorizing $4.8 million in loans, the authority has now expended the $9 million in American Rescue Plan Act money the city, county and state had allocated for the authority’s Downtown Conversion Program pilot.

The initiative’s goal was to breathe new life into vacant office buildings Downtown while bolstering the city’s affordable housing stock.

“Downtown is the heart and soul of the entire region, and these conversion projects are a central piece of making sure Downtown remains that way for generations to come,” Mayor Ed Gainey said in a statement.

“Everyone who works Downtown should have an opportunity to live Downtown, and as we move to transform historic office space into housing, we must have affordability in mind in order to build a Downtown for all.”

The authority board unanimously approved 0% interest loans for two Downtown projects.

The first — at the intersection of Liberty Avenue, Seventh Avenue and Smithfield Street — will receive an additional $1.8 million from the conversion program to renovate the Triangle Building. The board had previously authorized a smaller amount for the project, but approved additional cash this week, bringing the total outlay to $2.4 million.

Hullett Development Triangle is the developer on the project, which is estimated to cost more than $15 million. The six-story, triangle-shaped building, which dates to 1866, had seen years of insufficient maintenance, according to the authority.

The developer is converting the premises to 15 residential units, including eight set aside as affordable housing. Tenants will begin moving in next month. The project also will include first-floor retail space.

The second project involves Boston-based Beacon Communities acquiring and converting 100 First Avenue, a vacant 11-story office building.

Beacon Communities will designate all 93 units as affordable housing for seniors.

The authority will contribute about $3 million in loans along with an additional $1 million loan from a different pot of money.

Stefani Pashman, CEO of the Allegheny Conference on Community Development, said the projects fit in with broader efforts to transform Downtown Pittsburgh into a “livable community for all” with an array of housing options for individuals and families of all income levels.

Officials said the authority is working with Pittsburgh, Allegheny County and the Allegheny Conference to find additional funds for the program.

Money from a $31.6 million bond issue the authority recently floated also could help fund the initiative.


Copyright ©2025— Trib Total Media, LLC (TribLIVE.com)