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Advisory board authorizes up to $750,000 URA rental-gap loan for 50-unit Hazelwood development
Summary
The HOF advisory board authorized entering a Rental Gap Program loan agreement of up to $750,000 with HG Lytle LLC for a 50-unit new-construction multifamily project in Hazelwood that will include units affordable at 20% to 60% AMI and project-based vouchers; one board member abstained.
The Housing Opportunity Fund advisory board authorized a Rental Gap Program (RGP) loan agreement of up to $750,000 to HG Lytle LLC for a new 50-unit multifamily development in Hazelwood on April 1.
Jared Clayton, residential lending analyst with the URA, described the project as 50 units (33 one-bedroom and 17 two-bedroom) with a mix of affordability levels from 20 percent to 60 percent of area median income (AMI). Clayton said the total development cost is about $23.5 million; the URA's proposed RGP from all sources was described in materials as $2,000,000 while the HOF contribution discussed at the meeting was up to $750,000 paired with bond financing.
Clayton said 25 of the project's 40 affordable units would carry project-based vouchers and that the development would include six units meeting UFAS accessibility and two additional units for vision and hearing accessibility. He also described a partnership with Pittsburgh Scholar House to provide services to residents who are parents pursuing higher education.
Janelle, identified in meeting materials as a development operations manager from Trek (the developer), said the project team had met with the Hazelwood Initiative and planned a neighborhood residency preference for some units and described nearby Hazelwood Green amenities, including Plaza Park and lab/office developments by Carnegie Mellon University and the University of Pittsburgh.
An advisory board member moved to authorize the RGP loan agreement with HG Lytle LLC for up to $750,000; another member seconded. The motion passed by voice vote with one recorded abstention from Lena Andrews. The board also noted any conflicts or abstentions should be stated before discussion; one member disclosed an Action Housing tie and abstained from that portion of the vote.
