Pennsylvania Housing Finance Agency awards low-income housing tax credits to new Tareen Development Partners project
October 14, 2025 – Shannon Heights Senior Living is set to become a 48-unit senior housing facility in Penn Hills, Allegheny County, located on the site of a former elementary school. This development will serve seniors aged 62 and older, particularly those whose income is below 60% of the Area Median Income (AMI).
Recently, the project received a favorable award of Low-Income Housing Tax Credits from the Pennsylvania Housing Finance Agency (PHFA), a crucial step toward securing funding for the development. This funding, along with other financial resources such as PHARE funding and HOME Funds from Allegheny County, will enable the construction of the facility.
"We are incredibly appreciative of the Pennsylvania Housing Finance Agency for their support in awarding us the Low-Income Housing Tax Credits. This funding goes beyond being a financial aid; it represents a commitment to improving the lives of seniors in Allegheny County," said Dr. Basir Tareen, CEO and Founder of Tareen Development Partners. “ We do appreciate the support of State Senator Jay Costa, State Representative Joe McAndrew, as well as Allegheny County Executive Sara Innamorato, whose support was invaluable to secure this financing”.
The dedicated team, including Tareen Development Partners and Alliance Housing, is preparing to submit additional funding applications in the upcoming months. With construction anticipated to begin in September 2026 and completion targeted for early 2027, Shannon Heights Senior Living will provide the much-needed affordable housing and supportive services to the senior community in the area.
Read TDP's full press release
Read the full release from the PHFA
​
About Tareen Development Partners
Tareen Development Partners, founded in 2021, is a mission-driven real estate development firm based in the Twin Cities. The company has built a reputation as a trusted partner known for delivering high-quality, award-winning projects across various asset classes. Specializing in complex, community-centered initiatives, it focuses on market-rate and affordable housing, healthcare facilities, and mixed-use developments. With an experienced team, the firm manages all stages of development, from land acquisition to asset management.
​
​​​​​Media contact:
Yen Fostervold
Tareen Development Partners
(612) 504.0566
​
Media coverage:
PennWATCH | Pennsylvania Housing Finance Agency Awards Low-Income Housing Tax Credits to Senior Living Project
​​​​​​