Trust Building rehab project developer to receive $689K in tax credits

July 16, 2016

The Pittsburgh-based developer of the Washington Trust Building rehabilitation project will receive almost $700,000 in state tax credits.

The announcement was made late Friday afternoon in a press release from state Rep. Brandon Neuman, D-North Strabane.

Neuman said the Pennsylvania Housing Finance Agency put together the tax credits totaling $689,232 to convert the 10-story annex, built in 1922, to accommodate a mixture of commercial and residential space with the construction of 24 one-bedroom apartments.

“The stately landmark in the heart of the downtown deserves this investment,” Neuman said in a statement. “The highly sought tax credits will help restore the grandeur of the overall building and add vibrancy to the downtown.”

The original six-story building, built in 1902, will continue to offer commercial space.

Pittsburgh-based TREK Development Group, which purchased the complex in November 2013, submitted the tax credit application. According to PHFA documents and a website devoted to the building, TREK is pursuing additional renovations totaling $11.3 million, including updated building systems and restoring the exterior façade.

The project was one of 39 projects statewide selected for tax credits. A PHFA official described the process as “very, very competitive,” and said it had received 111 applications for the 39 awards.

The agency said the awards of $40.3 million in tax credits to developers will be used to attract more than $407 million of investment funding for building and rehabilitating housing offering affordable rent.

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