Tareen Development Partners Receives Housing Tax Credits
The Pennsylvania Housing Finance Agency (PHFA) has decided to award Low-Income Housing Tax Credits (LIHTC) to Tareen Development Partners for its Shannon Heights Senior Living project. This initiative is pivotal for fostering affordable rental homes aimed at the senior community.
Project Overview of Shannon Heights Senior Living
Shannon Heights Senior Living will establish 48 affordable apartments designed for residents aged 62 and over. Positioned on the grounds of a former elementary school, the development will focus on creating a vibrant and supportive community. It aims to serve seniors earning between 30% and 60% of the Area Median Income (AMI), addressing the growing need for affordable housing.
Funding From PHFA
Tareen Development Partners is thankful to the PHFA for their generous support through the awarding of LIHTC. This funding is crucial for helping secure the necessary resources to continue with the development process.
Statements from Leadership
Dr. Basir Tareen, the CEO and Founder of Tareen Development Partners, expressed gratitude for the financial backing, stating, "The support from the Pennsylvania Housing Finance Agency significantly impacts the lives of seniors in our communities." He also acknowledged the contributions of local leaders, who played a vital role in facilitating this financing.
Future Plans for Housing Development
As Tareen Development Partners collaborates with Alliance Housing, they are set to submit further funding applications in the near future. With construction projected to kick off in September 2026 and a target completion date set for early 2027, the Shannon Heights project will be a much-needed haven for seniors seeking affordable living options.
About Tareen Development Partners
Founded in 2021, Tareen Development Partners is a purpose-driven real estate development firm. Based in the Twin Cities, the company is recognized for its commitment to community-focused projects that span various sectors, including affordable housing and healthcare facilities. Their experienced team is dedicated to guiding developments from concept through to completion and management.
Contact Information for Media Inquiries
For media inquiries, please reach out to Yen Fostervold at Tareen Development Partners via email at yen@tdpmn.com or call (612) 504-0566.
Frequently Asked Questions
What is the Shannon Heights project?
Shannon Heights will provide 48 affordable apartment homes for seniors aged 62 and above, focusing on enhancing their living conditions.
Who awarded the funding for the project?
The Pennsylvania Housing Finance Agency (PHFA) awarded the Low-Income Housing Tax Credits for this initiative.
When is the construction set to begin?
Construction for the Shannon Heights Senior Living community is anticipated to begin in September 2026.
What is Tareen Development Partners' mission?
They aim to deliver high-quality, community-centered housing solutions and other facilities that cater to diverse community needs.
How can I get more information?
Media inquiries can be directed to Yen Fostervold at Tareen Development Partners via email or phone for further information.
