Neighborhood revitalization and community development are major initiatives of TCR. Many exciting things are happening!
TCR’s goal in this area is to acquire and renovate vacant rundown properties in selected areas throughout target neighborhoods as well as new construction in selected parcels of vacant land. These new homes will become available to low-moderate income families through unique leveraging practices and partnerships with lending programs, foundations, banks, etc. Please navigate to Pathways CT, Inc., TCR’s sister nonprofit organization, to learn more.
Below is a summary of our accomplishments, activities and endeavors of our initiatives (in no particular order):
Pennsylvania Department of Community & Economic Development’s (DCED) Neighborhood Assistance Program (NAP)
Tube City Renaissance is excited to be one of the approved project recipients of the 2021-2022 Neighborhood Assistance Program (NAP) tax credit program aimed to encourage investment in projects which improve targeted distressed areas or support neighborhood conservation. This is our second year of being an approved NAP project recipient. TCR target neighborhood for our NAP contract activities are areas within the 7th Ward.
With the awarded $25,000 NAP tax credits made possible by one of TCR’s contributing partners, TriState Capital Bank, we were able to successfully acquire and obtain full conservatorship of our first property on August 11, 2021. The property located at 1515 Cornell Street will be substantially renovated and then sold to a low-moderate income family.
TCR’s Target Neighborhood – Library District Presentation Plan
TCR has completed a detailed plan and has carefully selected 16 specific parcels along the boundaries across Versailles Avenue, meeting the corners of Cornell and Union. Down Cornell and Union and across Bailie Avenue. We continue to work with the city and the mayor’s office.
Affordable Housing and Property Values
Value gaps (sometimes referred to as an appraisal gap) exist in every distressed community. And when there are revitalization efforts going on, the real challenge is getting lenders to lend in these communities. A value gap is the difference between the cost to build, or extensively renovate a home, and the appraised market value of the home which is significantly lower and impedes lending investments.
TCR will be working with America’s Neighborhood Insurance Company (ANIC) to address the value gap dilemma. ANIC was incorporated in the State of Delaware on November 27, 2019 and is headquartered in McKeesport. ANIC’s core product is value gap insurance. ANIC, and its value gap insurance product, were created for this very reason and is getting much attention both locally and nationally.