PITTSBURGH--(BUSINESS WIRE)--Hunt Capital Partners has transferred ownership of Negley Neighbors Apartments, a 41-unit scattered site affordable housing development in Pittsburgh’s East Liberty neighborhood, to an affiliate of S&A Homes. The strategic move ensures that S&A Homes, in collaboration with East Liberty Development, Inc., a Pittsburgh-based non-profit, can continue to provide vital affordable housing options for families.
With the collection of buildings dating back to the early 1900s, Negley Neighbors Apartments reflects the community’s rich history marked by its classic architectural style. The development offers East Liberty residents in Allegheny County a mix of one-, two-, and three-bedroom homes, catering to families who earn up to 40%, 50%, and 60% of the Area Median Income. The properties within the affordable housing community received renovations in 2008.
"Most people are surprised to learn that over 38% of rental units in East Liberty are permanent, affordable housing. But this was a main feature of the 1999 East Liberty Community Plan, and became a reality thanks to the work of dozens of socially conscious businesses like Hunt Capital Partners, who invested early on in a collection of buildings known as Negley Neighbors,” said East Liberty Development, Inc. Deputy Director Skip Schwab. “Hunt will now be passing the torch via ownership to S&A Homes, another long-time and trusted partner in the work of affordable housing in Pittsburgh's quickly changing East End. We look forward to many years of S&A Homes protecting and managing high-quality affordable housing in East Liberty. "
Negley Neighbors Apartments is comprised of 11 buildings and features amenities such as central air conditioning and heating, a refrigerator, a dishwasher, and a range/oven. Residents also have access to common area facilities that include a shared laundry room and a community multi-purpose room.
So far in 2024, Hunt Capital Partners has transferred seven affordable housing communities to non-profit and housing authority partners, preserving 822 affordable housing choices and aligning to the goals of the associated partners. By year-end, the organization plans to transfer four more communities, totaling 197 units, in El Paso, TX, and Dorchester and Mattapan, MA, to nonprofit and housing authority partners.
“These efforts underscore Hunt Capital Partners’ commitment to working with our nonprofit and housing authority partners to protect and maintain affordable housing for the future,” said Hunt Capital Partners President Jeff Weiss. “Communities such as Negley Neighbors Apartments play a crucial role in ensuring housing security for low-income families and will continue to operate under the stewardship of community-focused organizations that are dedicated to serving those who need it most.”
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $3.8 billion in tax credit equity in over 48 proprietary and multi-investor funds. HCP manages nearly 800 project partnerships representing over 80,000 homes in 48 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.
