ACTION-Housing, BNY Mellon and National Equity Fund Celebrate Uptown Lofts
Uptown Lofts Apartments Ribbon Cutting Ceremony Celebrates
New Housing Options for Vulnerable Populations in Pittsburgh
A ribbon cutting ceremony to be attended by City of Pittsburgh Mayor William Peduto, County Executive Rich Fitzgerald, and other dignitaries and guests will be held on Thursday, February 26 at 2 p.m. at 2015 Fifth Avenue Pittsburgh Pa. 15219. The new affordable supportive housing development is some of the first new construction in the city’s Uptown neighborhood in decades. Uptown Lofts on Fifth will provide 23 permanent affordable homes to individuals with low-incomes, as well as one building dedicated to providing homes to 24 young people who have aged out of the foster-care system, a significantly vulnerable population.
ACTION-Housing, Inc., a non-profit which has provided quality affordable housing and related services to Western Pennsylvania for 57 years, developed and will manage the property. In addition ACTION-Housing’s MyPlace program will provide life-skills support for young adults 18-24, who have aged out of the foster care system. According to ACTION-Housing, this is the first such program in Pennsylvania and one of only a few in the United States that enables young adults from this population to transition into self-sufficiency.
“ACTION –Housing is very excited to open 47 units of affordable housing in the Uptown Neighborhood of Pittsburgh,” said Larry Swanson, ACTION-Housing’s executive director. “It’s a great location for 24 units for young adults aged from Foster Care who are building self-sufficient lives, and 23 working families who will have great access to transportation and high quality affordable housing.”
The Uptown Lofts Apartments was made possible thanks to a large group of supporters and partners, including two tax credit partners, the National Equity Fund and BNY Mellon.
“Extraordinary things happen when you have great partners, and Uptown Lofts Apartments is a testament to that belief,” commented Tony Lyons, vice president for National Equity Fund, Inc., which provided more than $11 million of low-income tax credit equity to the project.
“BNY Mellon’s strong history of investing in Pittsburgh is evidenced by our long-term relationship with ACTION-Housing,” said Ian Stewart, chairman of BNY Mellon of Pennsylvania. “With Uptown Lofts, our investment extends from the real estate to the residents, with an $8 million construction financing investment, the purchase of more than $11 million in low income housing tax credits and support for ACTION-Housing’s MyPlace, a life-skills support program for youth who have aged out of the foster care system."
About ACTION-Housing, Inc.
ACTION-Housing is a Western Pennsylvania affordable housing and related social service non-profit. Since our founding in 1957, ACTION-Housing has developed over 4,500 units of affordable housing, and manages 1,200 units through its own subsidiary management company. We offer housing and related social services to the region’s most vulnerable populations — including older adults; people who are homeless or facing homelessness; people with disabilities; families and individuals with moderate incomes; homeowners facing foreclosure; veterans; and young people who have aged out of the foster care system. Visit actionhousing.org to learn more.
About National Equity Fund, Inc.
National Equity Fund, Inc. is a leading syndicator of Low Income Housing Tax Credits. The Chicago-based non-profit is an affiliate of the Local Initiatives Support Corporation and has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for more than 27 years. It has invested $11.4 billion in 2,300 LIHTC developments, creating approximately 140,000 affordable homes for low-income families and individuals. For more information, visit www.nefinc.org/
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Dec. 31, 2014, BNY Mellon had $28.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at www.bnymellon.com, or follow us on Twitter @BNYMellon.