URA Releases Two Opportunities for Affordable Rental Housing Development and Preservation
PITTSBURGH, PA (December 1, 2021) The Urban Redevelopment Authority of Pittsburgh (URA) has issued two opportunities for development teams related to the preservation or creation of affordable housing in the City of Pittsburgh.
For the first opportunity, the URA is requesting proposals from developers for the creation and/or preservation of affordable rental housing units, known as the Rental Gap Program (RGP). The goal of the RFP is to provide non-9% Low Income Housing Tax Credit projects with flexible gap-financing for shovel ready projects that will provide high quality housing to households at or below 50% Area Median Income (AMI).
The RGP is primarily funded by the Housing Opportunity Fund (HOF), an affordable housing trust fund, created by the City of Pittsburgh in 2017. Since becoming operational in 2018, the HOF has closed or committed over $26,000,000 through various programs and initiatives to assist existing homeowners, affordable housing developers, renters, and first-time homebuyers with their affordable housing needs. Over 4,000 households/units have been served by HOF programing in that time.
Approximately $4,500,000 of funding is available for eligible projects responding to the RGP RFP.
Interested development teams can view the RFP on the URA’s website here. Responses will be accepted on a rolling basis.
The second opportunity is for the URA’s 2021-2022 Low Income Housing Tax Credit (LIHTC) Pre-Application for all projects intending to submit applications to the Pennsylvania Housing Finance Agency (PHFA) for their 2021-2022 9% LIHTC program. This pre-application provides the URA the opportunity to effectively forecast and budget for the gap financing needs of potential 9% LIHTC projects and jumpstarts the disposition process for any URA- or City-owned land to be involved in these affordable housing projects.
Additional information related to the 9% LIHTC Pre-Application can be found here. The submission deadline to the URA for this opportunity is January 3, 2022, at 4 p.m. EST.
About the Urban Redevelopment Authority of Pittsburgh (URA)
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.