Pittsburgh's First Ever Affordable Housing Bond Announced
Pittsburgh – The City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh (URA) announced today that the URA closed on a $31.575 million bond to support affordable housing in Pittsburgh. The first ever affordable housing bond in the city’s history, the URA will have just over $30.6- million-dollars in net proceeds to make unprecedented investments into affordable housing that Pittsburgh residents so urgently need. This bond will provide another tool for the Gainey Administration to ensure that the housing built will allow everyone to have a safe place to call home.
Originally announced earlier this year and approved by the URA Board of Directors and City Council, teams at the URA and City have been working closely together over the past several months to bring the bond to market and financial closing.
“Affordable housing is not just something to banter about during election time. It’s absolutely critical for our communities to continue to thrive and allow our residents to remain in the place they call home,” said Mayor Ed Gainey. “I’m proud of the work my team and the URA have done and will continue doing to ensure more housing opportunities for everyone in Pittsburgh.”
The bond proceeds are new financial resources that the URA will invest primarily through its existing housing programs into the production and preservation of affordable housing all across the city. As legislatively required by City Council, the URA intends to submit a report to Council within 90 days of the initial receipt of funds, which will provide more detail on the proposed uses of funds.
“I am truly grateful for the unwavering support of our City and Mayor Gainey's trust in our organization. This trust is a testament to the transformative work accomplished through the URA's Housing Department, led by Chief Housing Officer Quianna Wasler. We will actively engage with our community, housing partners, and City Council to ensure that our programming prioritizes the unique needs of the communities we serve and conversation as funding of projects commences. We are eager to support projects that align with our collective vision for an inclusive and vibrant city. The URA remains steadfast in its mission to create a Pittsburgh where every individual has the opportunity to live, prosper, and contribute to our shared success," said Susheela Nemani-Stanger, Executive Director for the URA.