The Pennsylvania Housing Finance Agency has allocated highly competitive 9% Lower Income Housing Tax Credits to six housing projects in Pittsburgh, including developments in Hazelwood and downtown, aimed at increasing affordable housing options amidst a local and national housing crisis.
Tax Credit Boost Fuels Affordable Housing Projects in Pittsburgh’s Hazelwood Neighborhood
According to The Business Journals, in Pittsburgh, efforts to improve housing are getting a boost from tax credits. The Pennsylvania Housing Finance Agency has given out these credits to six projects that aim to create more affordable homes. This move comes as the city faces a shortage of housing options, especially for people with lower incomes.
Two of these projects are happening in Hazelwood, a neighborhood focused on redevelopment. One is planned for Second Avenue’s business district, and the other is at the Hazelwood Green site. These developments are crucial for revitalizing the area and providing homes that are affordable for residents.
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$15 Million in Tax Credits to Boost Pittsburgh’s Affordable Housing Market: 255 New Apartments Coming Soon! (PHOTO: PublicSource)
Revitalization Projects to Transform Historic Buildings and Expand Affordable Housing in Downtown Pittsburgh
Downtown Pittsburgh will also see changes, with renovations planned for historic buildings like the May Building and Four Smithfield Street. These projects will not only add to the city’s affordable housing supply but also preserve important architectural landmarks. Overall, these efforts are expected to benefit the local economy and improve living conditions for Pittsburgh residents.
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