HACP, ARMDC Have Invested More Than $60 Million in Gap-Financing Loans to Help Increase Affordable Housing Footprint Across the City of Pittsburgh

 

The Housing Authority of the City of Pittsburgh (HACP) and its development arm, Allies & Ross Management and Development Corporation (ARMDC), are contributing to the footprint of affordable housing across the City of Pittsburgh in a critical way.

Since its inception in December 2012, HACP and ARMDC have invested more than $60 million in local affordable housing developments through the Project-Based Voucher/Gap-Financing Program, with nearly 1,000 PBV units either completed, under construction, or in pre-development. (This does not include all of HACP developments. The $60 million figure is solely for gap-financing loans).

In 2024 alone, HACP provided five affordable housing developers (eight development projects) with conditional commitments for 272 PBV subsidies and $15.7 million of gap-financing loans.

Multiple Project-Based Voucher/Gap-Financing developments are underway within city limits, and are slated for closing or completion by the end of this year. Two include Hullett Properties’ PBV developments at 800 Penn Ave. and 209 9th Street in Downtown, both part of Allegheny County Executive Sara Innamorato’s 500in500 initiative that is aimed at creating 500 units of affordable housing throughout the county in 500 days to help curb homelessness. 

The HACP and ARMDC have committed $1.5 million each to these developments, as well as 42 PBV voucher subsidies for the Penn Avenue project and 44 PBV voucher subsidies for the 9th Street project. 

The nationally-recognized Gap-Financing Program, which was started by the HACP, encourages all levels of affordable developers, including community-based organizations, to invest in their communities by preserving and developing affordable housing. It offers vital support to qualified developers and owners by providing both development financing and project-based operating subsidies.

“We continue to use every tool at our discretion in order to meet the growing demand for affordable housing,” said HACP Executive Director Caster D. Binion. “Many local organizations are interested in developing affordable housing around the city. Expanding the Gap-Financing Program gives them the opportunity to step up to the plate and take the lead in shaping the communities they call home.”

According to JW Kim, HACP’s Director of Planning and Development, the completion of these innovative projects is made possible through these partnerships with local affordable housing developers.

“This is a true partnership; the projects cannot close without this gap-financing,” he said. “With this tool, we really help to make this viable for long-term affordable housing. I’m happy we are able to do this. Not many Public Housing Authorities have this type of flexibility and investment opportunities.”

Other ongoing PBV/Gap-Financing endeavors include Woda Cooper Development’s Smithfield Lofts at 4 Smithfield St. in Downtown, Standard Communities’ Carson Square Apartments at 2112 Sidney Street in the South Side, and TREK Development Group’s Hazelwood Green in Hazelwood. 

With these three developments, the HACP and ARMDC have allocated $5.5 million and 64 PBV subsidies.

Kim said these three endeavors are among 15 PBV/Gap-Financing projects currently in the pre-development phase, with financial closing expected on all within the next year.

 

The following PBV/Gap Financing project list is current, as of June 2025, and have been approved by the HACP Board of Commissioners:

• $8,481,528 – Crawford Square, Crawford Roberts, 60 PBV Units. Developer: McCormack Baron Salazar. (Completed)
• $829,884 – Elmer Williams Square, Larimer, 37 PBV Units. Developer: Taylor Construction. (Completed)
• $419,998 – Miller Street Apartments, Hill District, 9 PBV Units. Developer: Bridging the Gap Development. (Completed)
• $3,984,900 – Lemington Senior Apartments, Lincoln-Lemington-Belmar, 54 PBV Units. Developer: Beacon Communities. (Completed)
• $1,000,000 – New Granada Square, Middle Hill, 10 PBV Units. Developer: CHN Housing Partners. (Completed)

 

• $1,095,000 – The Carina (also known as North Negley Residence), Garfield, 13 PBV Units. Developer: 327 NN, LLC. (Completed)
• $2,160,000 – Cedarwood Homes, Fairywood, 24 PBV Units. Developer: Tryko Partners. (Completed)
• $2,250,000 – Letsche School Apartments, Hill District, 25 PBV Units. Developer: Beacon Communities. (Completed)
• $2,070,000 – Stanton-Highland Apartments, Highland Park, 23 PBV Units. Developer: ACTION-Housing. (Completed)
• $1,000,000 – Gladstone Residences, Hazelwood, 20 PBV Units. Developer: The Community Builders. (Under construction)
• $2,700,000 – Oakland Pride, Oakland, 30 PBV Units. Developer: SeniorCare Network, Inc. (Under construction)
• $1,700,000 – The Standard on Fifth, Uptown, 17 PBV Units. Developer: Beacon Communities. (Under construction)

 

• $1,000,000 – African Queens Apartments, Middle Hill, 12 PBV Units. Developer: ACCDC. (Under construction)

 

• $3,800,000 – First & Market, Downtown, 93 PBV Units. Developer: Beacon Communities. (Under construction)
• $3,200,000 – Hazelwood Green, Hazelwood, 40 PBV Units. Developer: TREK Development Group. (In the pre-development stage)
• $1,920,000 – 4800 Block of Second Avenue, Hazelwood, 22 PBV Units. Developer: The Community Builders. (In the pre-development stage)
• $1,350,000 – North Homewood Avenue, Homewood, 25 PBV Units. Developer: McCormack Baron Salazar. (In the pre-development stage)
• $4,850,000 – Fifth & Dinwiddie, Uptown, 35 PBV Units. Developer: Bridging the Gap Development. (In the pre-development stage)
• $2,050,000 – 120 Cecil Way, Downtown, 49 PBV Units. Developer: Beacon Communities. (In the pre-development stage)
• $750,000 – Carson Square Apartments, South Side, 8 PBV Units. Developer: Standard Communities. (In the pre-development stage)
• $2,200,000 – 901-903 Liberty Ave., Downtown, 22 PBV Units. Developer: Beacon Communities. (In the pre-development stage)
• $1,500,000 – 800 Penn Ave., Downtown, 42 PBV Units. Developer: Hullett Properties. (In the pre-development stage)
• $1,500,000 – 209 9th St., Downtown, 44 PBV Units. Developer: Hullett Properties. (In the pre-development stage)
• $1,300,000 – Carrick Senior Apartments, Carrick, 13 PBV Units. Developer: CHN Housing Partners. (In the pre-development stage, awaiting 9% LIHTC award)
• $1,600,000 – 421 Seventh Ave., Downtown, 16 PBV Units. Developer: CHN Housing Partners. (In the pre-development stage, awaiting 9% LIHTC award)
• $1,600,000 – Smithfield Lofts, Downtown, 16 PBV Units. Developer: Woda Cooper Development. (In the pre-development stage)
• $1,500,000 – Ross Lofts, Downtown, 46 PBV Units. Developer: Woda Cooper Development. (In the pre-development stage, awaiting 9% LIHTC award)
• $1,145, 459 – Melwood Apartments, Oakland, 23 PBV Units. Developer: Rising Tide Partners. (In the pre-development stage)

The following developments did not require gap-financing, but were issued PBV subsidies:

• Harvard Beatty Housing, East Liberty, 8 PBV Units. Developer: TREK Development Group. (Completed)
• Uptown Flats, Uptown, 34 PBV Units. Developer: ACTION-Housing. (Under construction)
• The May Building, Downtown, 20 PBV Units. Developer: Beacon Communities. (In the pre-development stage)

For a list of current open waiting lists at HACP Project-Based Voucher sites, please visit: https://hacp.org/housing/apply-for-housing/

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Contact: Michelle Sandidge, HACP Chief Community Affairs Officer, 412-456-5058 or michelle.sandidge@hacp.org