Wood Street Commons, Pittsburgh
Everyday for the last two years, the tenants at Wood Street Commons -- a 16-story, 258 unit affordable housing and retail/office complex in downtown Pittsburgh – feared that the place they called home would close. On September 2nd, their concerns were replaced with hope when they heard the news that their home at 300 Wood Street was secure as foreclosure of this long-standing Pittsburgh institution was averted with the sale of the property to the Residences at Wood Street, a newly formed non-profit partnership.
RHLS successfully crafted a timely and innovative use of Neighborhood StabilizationProgram (NSP) funds to prevent foreclosure of large-scale mixed-use development projects, which are typically used to return single-family housing back into productive use. RHLS also played a significant role in bringing together key partners and providing complex regulatory, financial and legal advice that resulted in the preservation of an important source of affordable housing and a vital community asset. The value of Wood Street Commons extends far beyond downtown Pittsburgh as it serves as a best-practice model for replication across the Commonwealth.
Learn more about Wood Street Commons:
"Is shelter Downtown in danger of closing?" Pittsburgh Post-Gazette,
October 27, 2008.
"Stimulus funds to prevent foreclosure on low-income housing facility", Pittsburgh Post-Gazette,
June 11, 2009.
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