URA Announces Housing Opportunity Fund 2019 Annual Report is Now Online
PITTSBURGH, PA (July 14, 2020) The Urban Redevelopment Authority of Pittsburgh (URA) announced at the July 9, 2020 URA Board meeting that the Housing Opportunity Fund (HOF) 2019 Annual Report is now online on the URA website. The Annual Report highlights HOF’s major accomplishments from 2019 and the impact of the Fund in the City of Pittsburgh.
“The URA is honored to administer the Housing Opportunity Fund for the City of Pittsburgh. We are thrilled that its programs are helping Pittsburgh residents afford quality rental units and enabling them to purchase their first homes. We look forward to many more years of helping families achieve their housing related goals,” said Director of Housing Lending & Investments Jessica Smith Perry.
The HOF was created by the City of Pittsburgh at the recommendation of the Affordable Housing Task Force that was assembled in 2015 to study the affordable housing needs of the City. Since 2018, the City of Pittsburgh is allocating $10 million per year for the next 12 years to fund HOF’s affordable housing programs and activities.
“As Mayor of the City of Pittsburgh, I am extremely proud of our emphasis on creating and preserving affordable housing for our residents - including the provision of $10M/year from our operating budget to the HOF. Through the HOF programs, Pittsburgh residents now have access to down payment and closing cost assistance to buy their first home, or to make needed home repairs to a home they own. The HOF also is there for renters, helping with rental assistance funding in the event that their monthly income is cut. Additionally, more than 100 units of affordable rental housing in Pittsburgh have been built or are in the process of being built - funded in part by support from the HOF,” Mayor William Peduto said.
In 2019, HOF assisted 230 households through the Down Payment and Closing Cost Assistance Program (DPCCAP), Homeowner Assistance Program (HAP), and Housing Stabilization Program (HSP), and created and/or preserved 110 rental and for-sale affordable housing units through the Rental Gap Program (RGP) and the For-Sale Development Program.
“For us, the assistance program was life-changing – we pay half of what we paid in rent in mortgage,” a first-time homebuyer said.
• HOF DPCC helped 65 homebuyers purchase their first home in the City
• HOF funds were used to leveraged over $67.4M in additional funding
See 2019 HOF Programs Map here.
Through HOF, the URA will be soliciting community feedback for the 2021 Annual Allocation Plan in the coming months.
The URA is the City of Pittsburgh's economic development agency, supporting the City’s economic development goals, which are designed to create a city of inclusive opportunity for residents, stakeholders, and communities. The URA is committed to creating more housing that is affordable to the average Pittsburgher; encouraging more entrepreneurship and small business development; promoting inclusive growth and quality job creation; expanding neighborhood and main streets revitalization efforts; and developing a talented workforce that is equipped with the skills of the future.