Thursday’s allocations are the first major payouts for the Rental Gap Program, a component of the Housing Opportunity Fund [HOF], which is managed by the Urban Redevelopment Authority [URA] and pulls in money from real estate taxes. The Rental Gap Program offers funding to developers to build or rehabilitate affordable housing units.
Of the $1 million, $600,000 will be used to create 77 single-occupancy apartments by rehabilitating the Centre Avenue Branch YMCA in the Hill District. The URA board also voted to disburse $400,000 to upgrade twin high-rise buildings serving seniors in the south end of Squirrel Hill, near the Homestead Grays Bridge. The URA also assumed existing debt and allocated funds for the high-rises from another program.
Action Housing Inc., a developer specializing in tax credit-funded affordable housing, plans to upgrade air conditioning and elevators at the YMCA building, which is almost 100 years old. The plan includes bathrooms in every unit as opposed to dorm-style communal bathrooms in the current setup. The building serves single men, with rooms renting at $380 a month.
Action Housing will try to serve the same population after renovations and allow that branch of the YMCA to continue its services on-site, HOF Director Jessica Smith Perry said at Thursday’s meeting.
“Every now and once in a while, you get a project that is so near and dear to your heart,” Action Housing Property Manager Linda Fine told the URA board. “This is one of those projects, given the history of this and the people being served.”
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