LANDMARKS DEVELOPMENT CORPORATION AWARDED MAJOR TAX CREDIT DEVELOPMENT IN WILKINSBURG
Governor Tom Corbett has announced that the Falconhurst Neighborhood Restoration development program has been awarded low-income housing tax credits by the Pennsylvania Housing Finance Agency (PHFA).
The $10.5 million development, which will utilize these credits with federal historic rehabilitation tax credits, will be carried out by Landmarks Development Corporation, a subsidiary of Pittsburgh History & Landmarks Foundation, and consists of a combination of historic building restoration and new construction.
This development will lead to the restoration of the expansive Falconhurst Apartment building in the National Register-listed historic Hamnett Place neighborhood; a condominium complex at Rebecca Avenue and Coal Street; a two- and three-unit apartment building, and construction of two new townhouses for a total of 33 new affordable housing units.
“We are very pleased to win this competitive tax credit project for the continued historic restoration of this Wilkinsburg neighborhood,” said Michael Sriprasert, president of Landmarks Development Corporation.
“This project is unique because it involves the restoration of historic buildings along with new construction on a scattered-site basis, which will enhance the ongoing neighborhood renewal in this part of Wilkinsburg,” said Mr. Sriprasert.
“These low-income housing tax credits are the best investment tool available to us to support the construction of affordable rental housing across Pennsylvania,” said PHFA Executive Director Brian A. Hudson, Sr.
“We are pleased that PHFA has funded a second major development by LDC in Wilkinsburg. This award recognizes the significance of our historic architecture as an anchor for community revitalization,” said Wilkinsburg Mayor John Thompson.
This project will continue the work of PHLF in Wilkinsburg, which has already seen the restoration of the historic Crescent Apartment and Wilson House Apartment buildings; seven single-family houses; the creation of an educational facility— Landmarks Preservation Resource Center—from a restored car repair shop, and beautification of two vacant lots that include a vegetable community garden and a green space. To date, the total investment of PHLF in Wilkinsburg including this development exceeds $23 million.
Funding for this development is very complex and Landmarks is grateful to many agencies, and in particular to Allegheny County Executive Rich Fitzgerald and Economic Development Director Dennis Davin and their team that works with PHLF in a variety of ways.