$10.1 Million from PNC for Updated McKeesport Housing Facility
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A 12-year, multi-million dollar investment from PNC Bank and $230,000 contribution from ACTION housing will allow a a major renovation of a YMCA facility in downtown McKeesport.
The building is used by ACTION Housing to provide shelter for vulnerable people in the community, including those at risk of being homeless. The space is equipped with 84 single occupancy units. ACTION Housing uses the property to provide housing and additional services to the individuals who stay there such as career planning and healthy living education.
Peter Kaplan, a Vice President of Acquisitions for PNC Real Estate said most of the money will be spent during and shortly after the construction phase.
“Basically it’s $10.1 million is what we’re investing and the investment is coming from PNC bank directly,” Kaplan said. “In return, we’re purchasing low income housing tax credits, which of course give us a significant tax benefit, but partly the economic benefits for us and also the community benefits, both are very important for PNC.”
Kaplan added most of the changes are on the inside. The units will by expanded in size by 40%, and air conditioning will be added to the building along with kitchenettes, community lounges and a laundry facility. Kaplan added one unique part of the update will be the use of geo-thermal electricity to reduce energy use.
“It’s just going to become a much better living environment for the people who are there,” Kaplan said. “One thing that will change on the outside for the community is that the building will go back on the tax rolls and will be paying some modest property taxes.”