“These neighborhood projects further our mission to revitalize our neighborhoods by creating jobs, providing new housing and improving the overall quality of life for our residents,” Ravenstahl said.
The Residences at New Granada Square will involve the construction of a mixed-income, mixed-use building located between Wylie and Centre Avenues. The 51-unit U-shaped building will house 16 two-bedroom apartments and 35 one-bedroom units, as well as approximately 7,200 square feet of new retail space at street level along Centre Avenue. Of those 51 units, 42 units will be affordable to households with incomes at or below 60 percent of area median income, and nine units will be at market rate. In addition, 25 on-site parking spaces and a new courtyard green space will be created.
“Today is a great day for Hill District and Garfield residents,” Ravenstahl said. “Earlier today, myself and community leaders announced that construction of the Hill’s grocery store is right around the corner, and with the Consol Arena and adjacent 28-acre development site, we believe that this neighborhood is on the move and ripe for more investment.”
The Hill Community Development Corporation and Ralph A. Falbo, Inc. have created a new development entity, New Granada Square Housing, LP to undertake this development. The URA actions will provide the developer with evidence of site control required to submit an application for Low Income Housing Tax Credits to the Pennsylvania Housing Finance Agency (PHFA). The tax credits, if approved, will raise approximately $10.8 million in private equity needed.
"The Residences at New Granada Square is of great importance and will accelerate the redevelopment of the commercial district along Centre Avenue," said R. Daniel Lavelle, City Councilman, District 6, and URA board vice chairman. "It will also serve to support neighborhood goals of quality mixed-income housing and culturally relevant development and programming. I want to thank the Mayor, Hill CDC and URA for their great work."
For the Garfield Homeownership Choice program, the Bloomfield Garfield Corporation (BGC) will acquire 23 parcels of land along Kincaid Street and Jordan Way for the new construction of four detached, single-family for-sale homes. The URA will enter into an agreement with the BGC to provide a portion of the construction financing through approximately $733,000 in URA grants and loans. Deferred second mortgage loans will be made available to income eligible purchasers of the completed units. Forty three new and affordable homes have been completed and sold in prior phases.
“Our second mortgage funds help to make these homes more affordable because the borrowers will not have to borrow as much for a conventional first mortgage in order to buy,” said Tom Cummings, URA director of housing.
Once completed, these four homes are expected to generate annual income taxes of approximately $5,000 per year and annual real estate taxes of approximately $13,000 to the three taxing bodies.
The overall project received $1 million in financing from the Pennsylvania Housing Finance Agency (PHFA) in October 2002. Garfield was one of the first neighborhoods selected by PHFA for funding through its Homeownership Choice Program.
The URA Board of Directors meets on Thurs., Nov. 8 at 2 p.m. in the URA offices at 200 Ross Street, Downtown.
Thursday, November 8, 2012
Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687