Erin Sogal 614-572-5297
For immediate release
Beacon Communities Secures $5 Million Grant for Historic May Building
Redevelopment Support Comes from HUD and IRA’s Green and Resilient Retrofit Program
Pittsburgh – Beacon Communities recently received a $5 million grant from the Department of Housing and Urban Development (HUD) and Inflation Reduction Act (IRA)’s Green and Resilient Retrofit Program (GRRP) as part of the redevelopment of downtown Pittsburgh’s historic May Building, located at 111 Fifth Avenue.
The Beacon Communities 88-unit high rise, located steps away from both Point State Park and the cultural center of downtown Pittsburgh, offers a selection of studio and one-bedroom apartments. The mixed income redevelopment will preserve this nationally registered building in the Penn-Liberty Historic District and is the first redevelopment work on the property since the 1970s. Construction is expected to begin in early 2025.
“Our affordable housing redevelopments in Pittsburgh have been a true partnership with Urban Redevelopment Authority and HUD leaders. The May Building is no exception,” said Dara Kovel, Chief Executive Officer of Beacon Communities. “This grant will continue Beacon’s work to reduce the emissions of our portfolio and will bring us one step closer to finalizing our plans for this exciting renovation.”
“Preserving the rich history of the May Building is important to the future of this community and it is one of the many reasons we are so excited about this work,” added Michael Horvath, Field Office Director of HUD. “Being able support Beacon Communities to build sustainable, energy- efficient communities that address climate change means a better Pittsburgh for all of us.”
GRRP is a grant program of the IRA under the “Improving Energy Efficiency or Water Efficiency or Climate Resilience of Affordable Housing” section. It provides direct loans and grants for projects that improve energy or water efficiency; enhance indoor air quality or sustainability; implement the use of zero-emission electricity generation; low-emission building materials or processes; energy storage; or building electrification strategies, or address climate resilience, of eligible HUD-assisted multifamily properties.
“We’re thrilled to extend our congratulations to Beacon Communities for securing this game- changing grant. Beacon’s collaborative work will contribute towards an important legacy of inclusive growth for Pittsburgh,” said Susheela Nemani-Stanger, Executive Director of the URA.
To learn more, please visit https://www.maybuildingbc.com/
About Beacon Communities: Beacon Communities LLC is a privately owned real estate firm that develops, acquires, invests in, and manages a wide range of multi-family housing. Their portfolio includes affordable housing, market rate housing and mixed income-housing. Their developments range from new construction to historic adaptive reuse, to the renovation of existing housing. They take on challenging developments and make them succeed. Their driving passion is to create well-designed, healthy homes that improve the quality of life of their residents and enhance the neighborhoods in which they are located. For more information about Beacon Communities LLC, please visit www.beaconcommunitiesllc.com.
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