Harrisburg – July 15, 2013 – More than $1.1 million in state tax credits that will help finance a multi-phased development in Homestead have been approved by the Pennsylvania Housing Finance Agency (PHFA), state Sen. Jay Costa (D-Allegheny) said today.
“This is excellent news and I am pleased that the Homestead project was able to compete and gain support from PHFA,” Costa said. “The PHFA tax credits will leverage more than $10 million in private investment and help complete the financing for the $13 million project.”
According to Costa, the ONE Homestead project includes townhomes on Amity Street between 9th, 10th and 11th Avenues; the redevelopment of the old post office at the corner of Amity Street and 9th Avenue into loft apartments; and, a 30 unit apartment building along 8th Avenue.
“The revitalization of the corridor along 8th Avenue and the surrounding area will help attract even more redevelopment and jobs,” Costa said.
The state Department of Community and Economic Development is contributing $500,000 to help with the financing while Allegheny County is providing an additional $1.7 million. The project will add 51 housing units.
“The project brings new affordable housing to the community and will generate pedestrian activity and business opportunity,” Costa said.
Costa noted that the new development is very accessible to other local attractions including the Waterfront, Carnegie Library, Propel Charter School, Barrett Elementary and public transportation.
“This is a unique location and an important project that will spur even greater interest in the area for businesses, residents and new development,” Costa said.
Costa, who serves as Senate Democratic Leader, said that the ONE Homestead project is a part of a coordinated community revitalization effort involving Allegheny County and the Borough of Homestead.
PHFA tax credits are used to access private dollars to help fund public housing projects. The innovative financing enables state tax credits to be multiplied so that larger projects can be completed.
The new initiative in Homestead involves the development of 67,400 square feet.
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