We’re proud to share that we have officially completed our New Markets Tax Credit (NMTC) Homeownership Project—a $7 million effort years in the making and one that showcases the power of patient, intentional community development.
Since 2018, ELDI has leveraged New Markets Tax Credit Program funding to expand homeownership opportunities across the East End. With the completion of the final home—121 Shetland Street in November—this project now includes 26 homes across East Liberty, Larimer, and Garfield, 18 of which are affordable or attainable homeownership opportunities.
A thoughtful mix of affordability and opportunity
From the beginning, this project was designed to help realize the community’s vision of a vibrant, mixed-income neighborhood. That meant creating a mix of affordable, attainable, and market-rate homeownership options, each playing a role in the long-term stability of our neighborhood.
Across the 26 homes:
- 11 homes were reserved for buyers earning up to 80% of the Area Median Income (AMI)
- 1 home was available at 100% AMI
- 6 homes were available at 120% AMI
- 8 homes were sold at market rate, six of which were new construction
This balance is crucial. Market-rate homes help subsidize affordability, while income-restricted homes ensure that long-time residents and moderate-income households aren’t priced out of the neighborhood. Both are needed to support a healthy, inclusive neighborhood.
You can see how this approach came to life in the design and construction of 315 and 317 North Saint Clair Street, two custom-built market-rate homes that directly supported affordable housing just around the corner.
There’s also a lesser-known aspect of NMTC projects that often goes unseen. In addition to the homes completed directly through this initiative, the developer (ELDI in this case) is also required to rehabilitate two additional homes during the seven-year term of the project. As a result, the impact goes even further than it appears at first glance—bringing the total number of homes completed through this work to 40.
The power of New Markets Tax Credits for affordable homeownership
The NMTC Program is most often associated with commercial or mixed-use projects, but we have used it in a less common—but highly impactful—way at ELDI: to create affordable, for-sale housing.
NMTCs make this possible by helping to:
- Fill critical financing gaps that traditional funding sources won’t cover
- Support projects in communities that have experienced historic disinvestment
- Enable nonprofit developers like ELDI to pair affordability with high-quality design and construction
In practice, NMTC funding gave us the flexibility to develop homes that align with community priorities, not just what East Liberty’s market alone would support. That means keeping homes affordable for a range of incomes and ensuring development strengthens the fabric of the community.
This work was made possible through an innovative deal structure designed by Smith NMTC Associates, with funding from Pittsburgh Urban Initiatives, the Urban Redevelopment Authority of Pittsburgh, and Dollar Bank. Kendall Pelling, ELDI partner and Executive Director of Rising Tide Partners, served as an early advocate, helping bring these partners together around a shared vision for affordable homeownership in the East End, while Main + Elm Development Company provided project management expertise.
“Applying for and managing an NMTC housing project requires near rocket-scientist–level capabilities. Thanks largely to our partners at Main + Elm Development Company, our team was able to navigate the complexities of this process—bringing vacant houses back to life and creating new infill homes where houses had been demolished,” explained ELDI Director of Operations, Ted Melnyk. “But the most rewarding part of this work is seeing the smiling faces of dozens of new homeowners across the East End.”
Looking ahead — and honoring the people behind the numbers
While completing the final home marks the end of this chapter, the real impact of this work lives on with these homeowners who are now building their lives—and equity—in the neighborhood.
Homeowners like Tracey Hopkins, who had always dreamed of owning a home but never thought it was within reach.
Through ELDI’s partner Mary Hester, founder of LifeVenture Real Estate Solutions, Hopkins was introduced to an ELDI-owned home on Rural Street, part of this NMTC project. The two-bedroom, one-bath townhouse—with a beautiful kitchen and a large backyard—was exactly what she had been looking for.
ELDI acquired and renovated the property for $260,000 and sold it for $180,000, meaning the NMTC deal structure provided $80,000 in subsidy. Hopkins was then connected to additional financing to further reduce her costs.
The result was remarkable. Not only did Hopkins purchase a beautifully rehabbed home with a monthly mortgage $100 less than her rent, she also received $127,500 in grant funds—the most ELDI has ever seen in a single transaction.
“Everybody was on the same team, and they were helping me qualify for things I didn’t even know I qualified for, which was amazing. I couldn’t believe it. What happened in these last couple of months is a true blessing,” Hopkins shared.
Looking ahead, the lessons learned through this NMTC project are already shaping what comes next. Main + Elm is gearing up for a 14-home, new construction, mixed-income homeownership project in Larimer, as well as a 41-home, mixed-income homeownership project across four City neighborhoods in partnership with Rising Tide Partners.
As we continue our work to increase homeownership opportunities across the East End, this NMTC project stands as a powerful example of what’s possible when long-term vision, creative financing, and community priorities come together.