Allegheny YMCA
We combined $15 million in NMTC financing with historic tax credits and public grants to breathe new life into a 97-year-old Pittsburgh mixed-use community anchor.
Allegheny YMCA
NMTC for Projects
Pittsburgh, PA
The Allegheny YMCA is the last remaining Pittsburgh YMCA offering both member programming and deeply affordable housing, including 20% of the city's Single Room Occupancy units. However, the aging facility had become severely outdated, limiting its ability to fully serve the community. SB Friedman partnered with the YMCA of Greater Pittsburgh and ACTION Housing to close on an innovative capital stack twinning NMTC and Historic Tax Credit financing to fund a comprehensive renovation of the historic 38,000-SF facility. This included improving ADA accessibility, optimizing programming space and adding new early learning classrooms, and providing 100% affordable long-term housing and supportive services.
Work Completed
Secured $15 million in NMTC allocation and led all financial closing efforts to maximize efficiency
Secured an innovatively structured senior bridge loan from a Community Development Financial Institution as part of the NMTC leverage
Led financial structuring to ensure NMTC compatibility with Historic Tax Credits, local and state grant sources and non-NMTC debt
Navigated technical NMTC compliance requirements related to 80/20 residential and commercial uses
Prepared a compelling impact and marketing summary highlighting the community benefits of the project
Results
The YMCA of Greater Pittsburgh closed on NMTC financing in late 2024 and reopened to the community in Spring 2026.
Testimonial
Carolyn Grady, Chief Development Officer, YMCA of Greater Pittsburgh
“The renovation of the Allegheny YMCA was a success for our community, and SB Friedman's guidance through the NMTC process was essential to it. We are especially grateful to our consultant, Ryan Hagerty, whose patience, accessibility and early confidence in this project were key to its success.”
Featured Impact Numbers
89 (100% affordable)
SRO units renovated
2,500+
Members served with behavioral health, wellness and fitness programs
300
Youth served with early childhood and out-of-school enrichment programs
38 seats
New childcare center capacity: 38 seats
Various Interior Images
