The Rose Affordable Housing Preservation Fund IV purchased Coraopolis Towers in January 2017. The 200-unit Senior Section 8 apartment tower is situated on a 2.1-acre lot located just outside of downtown Pittsburgh. The Fund was able to secure this purchase off-market as part of the Forest City Portfolio acquisition.
As part of the acquisition, the Fund renewed the property’s HAP contract for 20 years with a 19-year preservation exhibit, ensuring the property’s affordability through 2056. The Fund also secured a 24% mark-up-to-market rent increase. The project was financed by an existing HUD mortgage loan. The Fund anticipates a long-term hold of the property.
The Fund will work to implement cost effective measures such as low flow fixtures and upgraded lighting throughout.
The Fund provides a Communities of Opportunity program including healthy vending machines and a community garden. Meals on Wheels and Life Span regularly deliver food to the property’s residents, and other local health care companies provide flu shots, regular blood pressure screenings and educational meetings. Residents participate in group exercise classes and created a Wii Bowling league.
Preserving affordability, greening and improving operations of this senior Section 8 property near Pittsburgh.