PRESS RELEASE

For Immediate Release

Date: July 19, 2024

Contact: Erin Sogal, erin@trailblazecreative.com, 614-572-5297

Beacon Communities Secures 9% Tax Credit for Historic May Building

Redevelopment Support Comes from PHFA, HUD, and IRA’s Green and Resilient Retrofit Program

PITTSBURGH, PENNSYLVANIA – Beacon Communities, an industry leader in the development and management of affordable and mixed income multifamily housing, received a 9% tax credit award from the Pennsylvania Housing Finance Authority (PHFA) for the renovation of the 86-unit historic May Building tower in Pittsburgh, PA. The property previously received $5M from the U.S. Department of Housing and Urban Development’s (HUD) Green and Resilient Retrofit Program (GRRP).

This resource, combined with the previously secured funding, will preserve this important downtown, affordable housing asset well into the future. The property includes studios and one-bedroom apartments at 111 Fifth Avenue, along with ground floor commercial space. Construction is expected to begin in early 2025 and will mark the first redevelopment work on the property since the 1970s.

“Our work with the Pennsylvania Housing Finance Authority has been instrumental in creating and preserving our affordable housing communities in Pittsburgh. The May Building is a prime example of our collaborative efforts,” said Dara Kovel, Chief Executive Officer of Beacon Communities. “The 9% award will allow us to move forward with our exciting renovation plans while reducing the climate impact of the property.”

Constructed in 1909, the May Building was initially home to the May Drug Company but was converted to housing in the 1970s.  The building is being designed and renovated to maintain its longstanding historic character while also improving energy efficiency, increasing accessibility, and enhancing resident amenities. The building will continue to offer a mix of market rate and affordable apartments, remaining a true mixed-income property in a location rich in employment opportunities. This redevelopment underscores the impact that strategic partnerships and innovative funding can have on a community.

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About Beacon Communities LLC

Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market-rate housing and mixed income-housing. Their developments range from new construction, to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC please visit www.beaconcommunitiesllc.com