February 3, 2023
NDC CEF is excited to announce the closing of Sheptytsky Arms Apartments, located in Pittsburgh, PA. Sheptytsky Arms is an existing senior rental project that consists of fifty units in one building that was built in 1986. The property includes studio, one, and two bedroom units that will be rented to senior households (62+) whose income does not exceed 60% of the area median income. Upon closing, HUD issued a new 20-year Housing Assistance Payment contract on the property allowing residents to pay 30% of their adjusted gross income to rent. The property renovation will include renovations to all mechanical systems, repair to the building envelope, improvements to energy efficiency as well as refresh the apartment interiors. The renovation will also include the conversion of six units to fully ADA- accessible and one unit to audio/visual accessible.
The Pennsylvania Housing Finance Agency has not only allocated the 4% Low Income Housing Tax credits but is also providing short term construction and long term bond financing. The Urban Redevelopment Authority of Pittsburgh has also provided gap financing to the project which is slated to be completed in October 2023.
Sponsor Name: Salus-Joyce Development/Cardinal Housing Group
NDC Equity Investment: $3,069,538
Total Development Cost: $10,663,277