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Roosevelt Building
Pittsburgh, Pennsylvania

PROJECTS
HUD PROJECT BASED & TENANT BASED SECTION 8
Acquisition
191 Units
Family & Senior

PROJECT SUMMARY:

Located at 609 Penn Avenue in Pittsburgh, PA, the Roosevelt Building is a 191-unit, 13-story multifamily high rise. The property was originally built in 1927 as a hotel. This acquisition rehab project marks the third property in Pennsylvania where HVPG has preserved affordable housing. In addition to the residential units, the property features two floors of retail.

FINANCING AND SUBSIDY:

The project is being financed through a combination of equity from HVPG’s preservation fund and a Fannie Mae loan provided by PGIM.

To ensure long-term affordability for its residents, HVPG has secured a new HUD project-based Section 8 HAP contract for over 50% of the units, which caps rent at no more than 30% of a household’s annual income. This agreement preserves the property’s affordability for an additional 22 years, along with a new HUD Use Agreement that earmarks a subset of units for vulnerable populations (elderly and disabled residents).

Additional units carry tenant-based Section 8 vouchers administered by the Pittsburgh Housing Authority.

RESULTS:

  • A ~$38 investment (total project costs) into Pittsburgh’s affordable housing supply
  • Long-term affordability preserved for decades to come with a new project-based Section 8 HAP Contract & Use Agreement
  • Unit and common areas upgrades prioritizing water saving and sustainability measures, enhanced site security and renovated tenant common areas prioritizing improved resident quality of life
  • No displacement of residents

SCOPE OF WORK:

Renovations at the Roosevelt Building will focus on enhancing individual units and shared spaces. In-unit improvements will feature water saving plumbing upgrades, updated security cameras, video intercom systems, and new furniture. HVPG will introduce its signature Community Enhancement Program to bolster safety measures across the property.

The property will also gain a residential site-wide water filtration system that delivers filtered, purified drinking water, along with complimentary high-speed Wi-Fi for all residents, and a new computer lab and parcel delivery room available for residents.

Resident services programming will be provided and informed by direct survey feedback from residents themselves with focus on access to education and other resources to best serve the Roosevelt Building community.

 

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