KEYBANK PITTSBURGH: Letsche School Development gets $21M in financing from KeyBank

KeyBank on Tuesday announced $21 million in financing for the Letsche School Development in Pittsburgh.

KeyBank Community Development Lending and Investment provided a $9.8 million construction loan and $11.8 million in low-income housing tax credit equity for the construction of the affordable multifamily property.

The project includes the reuse of the historic former Letsche School and new construction of four townhomes on two adjacent vacant parcels. It will create 46 mixed-income units and a community space for families and individuals earning no more than 60% of the area median income, of which 25 units will be subsidized by a Section 8 Housing Assistant Payment Contract and seven units will remain at market rate.

Letsche School Development gets $21M in financing from KeyBank

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