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Dignitaries, Stakeholders Join Firm in Celebrating Senior Affordable Housing Property
PITTSBURGH (June 26, 2023) — State and local officials, housing agency executives, and other key stakeholders joined Tryko Partners leadership this week to celebrate the groundbreaking of Cedarwood Homes in Pittsburgh’s West End. The event marked another major milestone for the senior affordable housing redevelopment project, which has received widespread support since its inception.
In 2020, the Pittsburgh Urban Redevelopment Authority (URA) named Tryko as developer of choice for the former Fairywood School site. In addition to strong support from community leaders at the state and local levels, key financing agencies have also contributed to the project’s viability. This includes a 9% Low-Income Housing Tax Credit (LIHTC) awarded by the Pennsylvania Housing Finance Agency; and approximately $2.1 million in gap financing funding, along with 24 project-based Section 8 vouchers, from Housing Authority City of Pittsburgh (HACP).
“We thank the many officials, agencies and allies who have helped bring Cedarwood Homes to fruition,” said Isaac Sassoon, Esq., senior vice president at Tryko Partners. “We are excited to be taking the next step towards revitalizing Pittsburgh’s West End and the Fairywood neighborhood, and providing its senior residents with quality housing and support.”
Upon completion, Cedarwood Homes will serve the city’s most disadvantaged seniors, providing them with the opportunity to live in newly constructed housing and access essential services. The community will include 46 total units, 39 of which will be affordable to residents with incomes up to 60% of the area median income. Tryko anticipates delivering Cedarwood Homes in 2024.
ACCOLADES FROM LOCAL LEADERS
In his remarks, Pittsburgh Mayor Ed Gainey recognized Tryko for the company’s work in affordable housing. “This is what it’s about,” he said. “If you want to stabilize a neighborhood, make it affordable. Everybody understands that. If you want to stabilize any part of this city, we have to make it affordable. Being over here on the West End, and to be able to see a project like this take off and the commitment that they’re making – I’m just thankful. This is just another way of saying we’re committed to affordability.”
Pittsburgh City President Theresa Kail-Smith, who represents District 2, has long emphasized the vital importance of the Cedarwood Homes project, both to current residents and to the long-term future of the community. “I am excited to see the Cedarwood Homes development finally coming to fruition,” she said. “I am grateful to have worked with so many amazing partners, including our District 2 office team, Senator Wayne Fontana, Representative Dan Deasy, County Executive Rich Fitzgerald, former Mayor Peduto and his chief of staff, Dan Gilman, current Mayor Gainey, and his team, the URA, and especially, the residents of Fairywood who selected this project. Without their help, this project would never have been possible. We appreciate Tryko Partners for investing in our area.”
The groundbreaking ceremony also included comments from Fitzgerald, HUD Mid-Atlantic Regional Administrator Matthew Heckles, HACP Executive Director Caster Binion, URA Executive Director Susheela Nemani-Stanger and Merchants Bank Transaction Manager Vikram Nevreka.
COMMITMENT TO COMMUNITY
Located at the corner of Broadhead Fording and Village Road in the city’s Fairywood neighborhood, the project will feature spacious one-bedroom units with covered porches, which will be surrounded by a series of walkable, park-like green spaces. A community building will serve as the site for financial literacy, nutrition and exercise programs; health screenings; and other support services designed to enable seniors to age in place. The property, which incorporates ample parking, will be transit-friendly and incorporate energy-efficient and sustainable site design, including rain gardens throughout the green spaces.
Tryko has an established track record in the immediate community and the larger regional marketplace. In 2007, the Brick, N.J.-based 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 property when it was in financial distress 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.
PHOTO CAPTION: State and local officials, housing agency executives, and other key stakeholders joined Tryko Partners leadership at the Cedarwood Homes groundbreaking.
About Tryko Partners
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