Citizens Financial Group to Fund Pittsburgh Affordable Housing Project

Citizens Financial Group announced today that it will finance the Orchard Park Housing Initiative L.P. for the construction of 44 units of affordable family housing in Greater Pittsburgh.

The development, known as Orchard Park Apartments, will result in the new construction of 24 two‐story buildings consisting of 44 units of affordable housing for family households with incomes at or below 60 percent of area median income. In addition, the development at the intersection of Catherine and High streets will include an onsite 5,860-square-foot free-standing community building as well as the construction of new utilities, streets and other municipal improvements. Construction is scheduled to be completed by October 2015.

To support the development, Citizens Bank is providing $8.7 million in construction financing and $11.6 million in equity through the purchase of Low-Income Housing Tax Credits for its proprietary fund managed by City Real Estate Advisors, Inc.

Development sponsors are the Allegheny County Housing Authority (ACHA) and Ralph A. Falbo Inc. ACHA has designated Ralph A. Falbo, Inc. and Pennrose Properties, LLC as the master redevelopers on the project.