Residential Development Financing

Urban Redevelopment Authority of Pittsburgh
Residential Development Financing

Multi-Family Residential
Rental Housing Development & Improvement Program (RHDIP)

Eligible borrowers

For profit and non profit developers

Eligible projects

Properties in the City of Pittsburgh containing a minimum of 10 units

Maximum loan amount

Lesser of 60% of total development cost or $40,000 per unit

Maximum loan term

Longer of 20 years or remaining term of first mortgage

Interest rate

0% - 5% (or more) depending on number of affordable housing units provided

Equity requirement

10% of total development cost

Project benefit

Units must be rented to low income households or the development must eliminate slum and blight

Accessibility grants

Program funding sources

CDBG, HOME and Program Income