National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Uptown Lofts on Fifth

Uptown Lofts on Fifth

Green Housing

Uptown Lofts on Fifth is a new apartment complex consisting of two buildings with 47 units in Pittsburgh’s Uptown neighborhood. One structure contains 24 one-bedroom residences targeting youth aging out of foster care and the other, located across the street, provides 23 units of multi-family workforce housing affordable to households earning at or below 60 percent of Area Median Income.

In addition to providing much needed affordable housing to the area, the $12 million development is a demonstration project in energy efficiency. The three-story 30,000 square-foot buildings are nearly identical, with one meeting Passive House Standards (built air tight with heat recovery ventilation) and the other one constructed under current energy code. A 15-year trial period will help determine the long-term value of passive energy design, which is estimated to reduce heating energy consumption by 90 percent. Uptown Lofts was recognized by The Pennsylvania Housing Finance Agency with an Innovation in Design award, which honors excellence in design, implementation of current and future energy efficient technologies and leveraging community and capital resources. 

Amenities include a community building, laundry facilities, storage, BBQ/picnic area, security cameras and gated access. Located one mile from the central business district and adjacent to public transportation, residents have access to a grocery store, library, hospital and some of Pittsburgh’s largest employers.

National Equity Fund® invested $11.9 million of LIHTC equity in Uptown Lofts, its second partnership with sponsor, ACTION-Housing, Inc.


Project Details

Completed
2014
Location
2001 5th Avenue
Pittsburgh, PA
Project Type
Supportive Housing
Family & Emancipated Minors
Total Units
47
Mix of Residences
45-1 br; 2-2 br
Limited Partnership
Uptown Lofts on Fifth, LP
Tax Credit Equity
$11.9 million
Total Project Costs
$13.4 million
Sponsor
ACTION-Housing, Inc.
Permanent Lenders
Urban Redevelopment Authority of Pittsburgh
Pennsylvania Housing Finance Agency
Awards
2015 Readers’ Choice Award Finalist
Pennsylvania Housing Finance Agency Innovation in Design Award
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