URA Joins Tryko Partners and Stakeholders in Celebration of Cedarwood Homes Groundbreaking
On June 22, 2023, the URA joined Tryko Partners, Mayor Ed Gainey, the U.S. Department of Housing and Urban Development – Mid-Atlantic, Pennsylvania Housing Finance Agency (PHFA), Housing Authority of the City of Pittsburgh (HACP), and Merchants Capital for a groundbreaking ceremony for Cedarwood Homes in the Fairywood neighborhood.
In December 2019, the URA issued a Request for Proposals for the development of 4.74 acres into new affordable senior housing. After collecting feedback from the community, a Review Committee selected Tryko Partners, LLC, to develop the site, formerly the location of Fairywood School.
The $20.5 million development will bring a total of 46 units for seniors, 39 of which will be affordable to residents at or below 60% of the Area Median Income. The site will include 12 single-story quads with individual ground floors and one community center duplex.
“The Fairywood neighborhood has experienced a significant amount of disinvestment throughout the years. This site has remained vacant for over a decade, but through the collaborative work between the URA, City of Pittsburgh, the Mayor’s Office and Council President Theresa Kail-Smith, we’ve been able to reimagine this space and how it can best meet the needs of the community,” said URA Executive Director Susheela Nemani-Stanger.
The URA provided $1.4 million in financing through the Housing Opportunity Fund’s Rental Gap Program. This was the first 9% Low-Income Housing Tax Credit project in the City of Pittsburgh’s West End. Additional funding was provided through the HACP's Project Based Voucher/Gap Financing Program and by Merchants Capital.