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Milestone for Tryko Partners’ Age-Restricted Affordable Housing Project an Endorsement and a Hurdle Bridged
PITTSBURGH, Oct. 18, 2021 — The Pennsylvania Housing Finance Agency has awarded a 9% Low-Income Housing Tax Credit (LIHTC) to enable Cedarwood Homes – an age-restricted, affordable housing redevelopment in Pittsburgh – to move forward, announced Tryko Partners. Last year, the real estate investment firm was granted the right to develop the former Fairywood School site in the city’s west end in a competitive bid process managed by the Urban Redevelopment Authority (URA) of Pittsburgh.
The federal LIHTC program is administered by the Pennsylvania Housing Finance Agency for the development and rehabilitation of affordable rental housing targeted to lower-income households. Isaac Sassoon, Esq., senior vice president at Tryko, noted that moving forward with the development was contingent on this key award. Cedarwood Homes has received notable support; earlier this year, the Housing Authority City of Pittsburgh (HACP) committed approximately $1.6 million in gap financing funding, along with 24 project-based Section 8 vouchers for the project.
“This latest award from PHFA – and the ongoing endorsement from governmental officials and agencies together with the URA site announcement and HACP funding – speaks to the strength of and the need for the type of housing Cedarwood Homes will introduce,” Sassoon said. “Cedarwood Homes will serve the City’s most disadvantaged seniors, providing the opportunity to live in newly constructed, quality housing and offer access to essential support services. We appreciate the strong support from community leaders at the state and local levels, and are thrilled to take the next step towards construction of the project. I cannot thank our political leaders and local agencies enough for their support.”
Located at the corner of Broadhead Fording and Village Road in Pittsburgh’s Fairywood neighborhood, the Cedarwood Homes development plan includes 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. The project features spacious one-bedroom units with covered porches, surrounded by a series of walkable, park-like green spaces. Ample parking will be provided, as well as a community building where residents can take advantage of financial literacy, nutrition and exercise programs; health screenings; and other support services designed to enable seniors to age in place. The complex will be transit-friendly and incorporate energy-efficient and sustainable site design, including rain gardens throughout the green spaces.
State Senator Wayne Fontana, with the support of Pittsburgh Mayor William Peduto and his chief of staff, Dan Gilman, played a critical role in spearheading the effort to secure the funding for Cedarwood Homes. “I was proud to support this terrific project, which will transform a blighted property into affordable housing that will benefit many Fairywood residents,” Sen. Fontana said. “The scope of this project, along with the supportive services that will be offered, will enable seniors to age with dignity in the neighborhood with which they are familiar and in the comfort of their own homes.”
Pittsburgh City Council President Theresa Kail-Smith, who represents District 2, has had a strong interest in seeing the Cedarwood Homes development come to fruition. “What is most important to me is what is important to the community, and Cedarwood Homes will serve as an anchor for a larger neighborhood revitalization initiative,” she said. “Further, there are many seniors living in Fairywood, and this development is crucial to making it possible for them to stay.”
According to Sassoon, the LIHTC award enables Tryko to proceed with construction of Cedarwood Homes, with a targeted completion date by the end of 2023.
Tryko Partners has an established track record in the immediate neighborhood and the larger regional marketplace. In 2007, the firm demonstrated its commitment to revitalizing the neighborhood surrounding the Cedarwood Homes site with the acquisition of Emerald Gardens, the 436-unit multifamily complex next door. The company purchased the former HUD property when it was in bankruptcy and invested over $10 million to make improvements. Today the community is averaging nearly 100% occupancy and has become one of the most desirable properties in the area.
Based in Brick, N.J., Tryko Partners purchases multifamily properties, healthcare facilities and service entities, and tax liens along the Eastern Seaboard and in the Midwest. The organization has grown its real estate and healthcare portfolios by identifying recovering markets and maximizing investor returns through diligent acquisitions, hands-on management and value-added capital improvements.
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