Affordable Senior Housing Initiative by Tareen Development Partners
Tareen Development Partners Launches New Senior Community Project
Shannon Heights, Pa. — The Pennsylvania Housing Finance Agency (PHFA) has made a significant move in promoting affordable housing by awarding Low-Income Housing Tax Credits (LIHTC) to Tareen Development Partners (TDP). This funding will support the creation of Shannon Heights Senior Living, an upcoming community aimed at enriching the lives of seniors aged 62 and older.
Overview of the Shannon Heights Senior Living Project
Designed with the needs of the aging population in mind, the Shannon Heights Senior Living project will offer 48 affordable apartments located on the site of a recently closed elementary school. This choice of location is strategic, reflecting a commitment to revitalizing existing community assets while addressing housing shortages.
Focused Amenities and Support
The community will not only provide housing but also foster an environment that encourages an active, independent lifestyle for its residents. With apartments aimed at individuals earning between 30% and 60% of the Area Median Income (AMI), Shannon Heights represents a crucial response to the growing demand for affordable living options for seniors.
Financial Backing and Community Support
TDP expressed its gratitude for the support from the PHFA, acknowledging that the LIHTC funding is pivotal in progressing to the next stages of development. Dr. Basir Tareen, the CEO and Founder of Tareen Development Partners, emphasized this point, stating that the funding symbolizes a collective commitment to improving senior living in Allegheny County.
He also highlighted the collaboration with local politicians, including State Senator Jay Costa and State Representative Joe McAndrew, expressing appreciation for their assistance in securing vital financing for the project. Their support showcases a unified effort from various sectors to enhance the lives of seniors in the region.
Future Developments and Construction Timeline
In addition to receiving tax credits, TDP is preparing to explore further funding options to ensure the comprehensive development of the Shannon Heights community. Construction is anticipated to begin in 2026, with a target completion date set for 2027. This proactive approach illustrates the firm’s determination to provide the necessary housing and services for seniors who require affordable options.
Commitment to Quality and Community-Centric Development
Founded in 2021, Tareen Development Partners has carved a niche for itself as a leader in community-focused real estate development. Known for delivering high-quality and socially responsible projects, TDP specializes in various asset classes, including affordable and market-rate housing as well as healthcare facilities. The firm's dedicated team manages all phases of development, maintaining a focus on sustainability and community engagement.
About Tareen Development Partners
Tareen Development Partners prides itself on being a mission-driven firm, dedicated to creating spaces that enhance the quality of life in communities. Their commitment to excellence is evident in the design and execution of their projects, ensuring that each initiative addresses the specific needs of the communities they serve.
Frequently Asked Questions
What is the Shannon Heights Senior Living project?
The Shannon Heights Senior Living project is a new development by Tareen Development Partners aimed at providing 48 affordable housing units for seniors aged 62 and older.
Where is the project located?
The project is situated on the site of a former elementary school in Shannon Heights, Allegheny County, offering a strategic location for residents.
What types of incomes are targeted for this housing?
The apartments will be offered to seniors earning between 30% and 60% of the Area Median Income (AMI), making it accessible to those in need of affordable housing.
When is the construction expected to begin?
Construction for the Shannon Heights Senior Living project is anticipated to start in September 2026.
Who are the key supporters of this initiative?
Tareen Development Partners has received significant support from the Pennsylvania Housing Finance Agency and local lawmakers, ensuring the project has the necessary backing for completion.
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