The Pittsburgh Housing Authority board voted on Thursday to speed up the demolition and reconstruction of Addison Terrace in the Hill District.
The authority had planned to rely largely on federal tax credits and space the project out eight years. Instead, the authority will reduce the amount of tax credits involved and work with the state to issue bonds and borrow funds to build 400 new apartments by 2017. They will replace 734 dilapidated units.
"What we are doing now is recreating community," said board Chairman Ricky Burgess, a city councilman. He said the change in financing would give the authority more control over timing, because it won't have to compete with other agencies for limited tax credits. "Building a few houses at a time is not fair to low- and moderate-income communities."
The project's total cost is expected to approach $180 million, and the private partner is Keith B. Key Enterprises of Columbus, Ohio.
Around 260 apartments will be constructed on the Addison Terrace site. The other 140 will be built nearby, including along Centre Avenue. Some will be subsidized, while others will go for market rents.