in this section
Single
Family Res.
 PHCF NHP HRP

Urban Redevelopment Authority of Pittsburgh
Residential Development Financing

Single Family Residential:
Neighborhood Housing Program (NHP)

Eligible Developers

For profit and non profit developers of newly constructed for-sale housing

Eligible Projects

Newly constructed and previously unoccupied properties in the City of Pittsburgh

Maximum Borrower Income

115% of area median income

Maximum Loan Amount

Total project NHP commitment negotiated between developer and URA. Per unit NHP 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

Interest Rate

0%

Minimum Down Payment

3%, subject to requirements of first mortgage lender

Program Funding Source

DCED

For more information about the program, contact any one of the participating lenders or the URA Program Officer, Alicia Majors at 412-255-6698 or .