Residential Development Financing

Urban Redevelopment Authority of Pittsburgh
Residential Development Financing

Multi-Family Residential:
Multi-Family Revenue Bond Program (MRFBP)

Eligible borrowers

For profit and non profit developers

Eligible projects

Properties located in the City of Pittsburgh

Maximum loan amount

Based on financial analysis of project by URA and Credit Enhancement Provider

Maximum loan term

40 years

Interest rate

Determined at time of bond sale

Equity requirement

10% of total development cost

Credit enhancement

Must be provided in the form of FHA mortgage insurance and/or a LOC or other private credit enhancement

Project benefit

• Tax Exempt: 20% of units rented to households at 50% of area median income, or 40% of units rented to households at 60% of area median income
• Taxable: 20% of units rented to households at 80% of area median income

Program funding sources

URA issued bonds

Tax exempt volume cap

Issuance of Tax Exempt debt by the URA requires allocation of Volume Cap by the Pennsylvania Housing Finance Agency