Pittsburgh Objects to Crown Capital Bankruptcy Financing Request

The city of Pittsburgh objected to real estate holding company Crown Capital Holdings’ request for bankruptcy financing, warning it could harm residents in affordable housing properties.

The $21.9 million financing request involves two local affordable housing complexes owned by Crown Capital affiliates— the 100-unit Homewood House and 158-unit Bellefield Dwellings—both under court-appointed receivers, the city said in a Wednesday filing at the US Bankruptcy Court for the District of New Jersey.

Pittsburgh said the financing agreement could make it harder to maintain the apartments as affordable housing for low-income residents and warned that a future sale of such properties in ...