SPOTLIGHTS ECONOMIC DEVELOPMENT
MWV Loan Program In 2022, ACED partnered with Axiom
Advancement Corporation to provide low-interest loans to minority-, women-, or veteran (MWV)- owned businesses. In 2023, the MWV Loan Program loaned $100,140 to businesses across Allegheny County. In addition to the money lent for business expansion projects, Axiom has provided hundreds of hours of technical assistance to MWV applicants to increase the likeliness of business sustainability. This program partnership was recently extended by providing an additional $350,000 to Axiom for additional lending.
Edgewood Center Retirement Residences Edgewood Center Retirement Residences will represent one of the first adaptive re-uses of commercial shopping sites into new affordable housing in Allegheny County. This unique project will pair 52 senior housing units with the many amenities of the Edgewood Towne Center, such as retail establishments, pharmacies, medical offices, and accessible transit. Edgewood Center Retirement Residences utilizes a “passive house” design in its construction and, upon completion, will meet a high standard of energy efficiency. The project is scheduled to be substantially completed in the first quarter of 2024, with leasing beginning shortly after that. The total development cost for this project is $19,370,062, and Allegheny County has committed $2,200,000 in HOME Investment Partnership funding.
Higher Education Building Authority
The Higher Education Building Authority (HEBA) assisted Carnegie Mellon University in refunding outstanding revenue bonds and related financing costs. By using tax-exempt financing, the university is estimated to save millions of dollars, allowing it to apply more funds to further its educational missions. HEBA also assisted Duquesne University with a property sale, from which it will apply the proceeds to capital expenditures from 2016 revenue bonds.
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