Westextraland County Housing Authority officers said Tuesday the agency safed Greater than $17 million in low-curiosity loans And might search to borrow one other $4.5 million to pay For mannequin spanking new enchancment tasks and renovation of current properties.
Director Michael Washowich said the low-income housing agency used 4 of its greater properties as collateral for the loans to proceed a constructing program launched a decade in the past that produced two new amenities in Hempfield and is now Attempting to finance one other in Irwin.
“We proceed To take a Take A look at alternatives in areas underserved with pretty priced housing,” Washowich said.
The housing authority operates 1,600 public housing mannequins and one other 900 sponsored residences on Greater than 30 properties all by way of Westextraland County.
Final yr, it opened Odin View Flats, a $13.1 million three-story constructing in Hempfield that homes 47 houses adjoining to South Greengate Commons, which was accomplished in 2013 and was the authority’s first new enchancment enterprise in many yrs.
Each Hempfield amenities have been paid for by way of Using federal tax credit. The authority earlier this yr utilized for tax credit to pay for a $14 million enterprise To assemble a 50-unit house constructing in Irwin. Financing approval might Are out there September for that enterprise, Washowich said.
Officials said The mannequin new loans will give the authority further decisions to pay for extra enchancment tasks.
“It places us in a Tons higher place To make the most of our personal assets,” Washowich said.
Plans are being finalized for a proposed 24-unit enchancment in Norvelt on a two-acre property donated to the authority by the Catholic Diocese of Greensburg. The Churchview Property enchancment Is predicted to value about $5 million.
To safe the prolonged-time period loans, the authority borrowed in the direction of the values Of 4 of its greater constructings, Loyalhanna Flats, Hempfield Towers and Arnold Towers. Reimbursement of these loans will come from rents paid to the authority at these amenities.
Collectively with new enchancment, officers said renovations of current amenities are ongoing And A pair of of the borrowed money Shall be used to pay for these tasks, together with a recently accomplished effort to modernize all 97 mannequins at Loyalhanna Flats.
Washowich said the loans furtherly Pays for renovations at Hempfield Towers. A $1.6 million enterprise Is about To start later this summer time to modernize 48 houses on the higher two flooring of the 9-story highrise. When accomplished, all 202 mannequins at Hempfield Towers Could have been renovated and modernized, Washowich said.
Rich Cholodofsky is a Tribune-Consider staff author. You will Have The power to contact Rich at 724-830-6293, [email protected] or by way of Twitter .