Urban Redevelopment Authority of Pittsburgh
Residential Development Financing
Single Family Residential:
Housing Recovery Program for Developers (HRP)
Eligible Developers
For profit and non profit developers of newly rehabilitated for-sale housing
Eligible Projects
Newly rehabilitated and previously unoccupied (since rehabilitation) properties located in the City of Pittsburgh, at least 20 years old, and from 1 to 4 units
Maximum Borrower Income
140% of area median income
Maximum Loan Amount
Total project HRP commitment negotiated between developer and URA. Per unit HRP loan amounts based on borrower's income
Loan Structure
Deferred second mortgage. Loans due upon sale of property, subject to repayment of borrower's first mortgage loan and repayment of borrower's equity
Purchase Price Limits
Pittsburgh Home Ownership Program (PHOP) limits apply to borrowers participating in PHOP program; otherwise no limits apply
Minimum Down Payment
3%, subject to requirements of first mortgage lender. Down payment/closing cost assistance grants up to $1,000 available for borrowers at or below 80% of median income
Program Funding Sources
CDBG, HOME and DCED