Six vacant/abandoned properties to be redeveloped
Project was awarded $400,000 in state funding assistance
PITTSBURGH, March 16 – A project to redevelop six vacant or abandoned properties in Lawrenceville has been selected to receive $400,000 in state assistance, state Rep. Adam Ravenstahl announced today.
The development by ACTION-Housing Inc. will consist of two new buildings with a combined 35 apartments – eight of which are designated for individuals with disabilities – and 1,051 square-feet of commercial space.
“Today we continued to address one of the challenges of our region – making sure that affordable housing is developed alongside new construction,” Ravenstahl said. “As our communities develop, we need to make sure that housing is available for everyone, regardless of income bracket, and this investment by the state is one step toward making that happen."
The investment was funded through the Pennsylvania Housing Finance Agency’s Community Revitalization Fund Program, which is designed to provide financing for the construction or rehabilitation of critical projects providing affordable housing in commercial corridors in the Commonwealth.
This program creates the funding mechanism to help bridge the gap that exists between traditional housing programs and commercial lending sources for these mixed-use projects, fostering sustainable partnerships to leverage public and private resources.