MAYOR ED GAINEY ANNOUNCES MAJOR INVESTMENT IN AFFORDABLE HOUSING

SIX HOUSING DEVELOPMENTS TO RECEIVE FUNDING 

"These projects represent a significant investment in our city's future, providing much-needed affordable housing to our residents," said Mayor Ed Gainey. "The collaboration with the Urban Redevelopment Authority and the support from the Pennsylvania Housing Finance Agency have made these developments possible and only further showcases the power we have to bring necessary change and equity to our city. This is a crucial step in ensuring all Pittsburgh residents have access to safe and affordable housing.” 

In total these six projects will create or preserve 345 housing units, 239 of which will be affordable to low-income households.  Supported by the Urban Redevelopment Authority of Pittsburgh (URA), each project represents critical investment into Pittsburgh neighborhoods that will bring new development and housing opportunities while reducing blight and vacancy across Homewood, the Hill District, Hazelwood, and Downtown Pittsburgh. This funding will also further city leadership’s efforts to ensure equity in extreme and high need communities through advancing community-led redevelopment plans as well as the creation of affordable housing in high opportunity areas. 

“Quality affordable housing is one of our top priorities for the well-being of Pittsburghers. We’re grateful to the PHFA for these six critical awards, which make the developments possible and position our neighborhoods for stability and inclusive growth,” said URA Executive Director Susheela Nemani-Stanger. “I thank the developers for investing in our City’s future by committing to affordability and accessibility. We couldn’t do this work without partners that are willing to go all in.”  

Developers or owners who utilize the LIHTC program receive an annual tax credit for the affordable rental properties over their first ten years of operation with properties remaining affordable to low-income households for at least thirty years.  The LIHTC financing allows for rents that are lower than other similar, market-rate buildings. 

In this most recent round of funding, PHFA allocated over $57 million in LIHTC funding for the construction and rehabilitation of 1,916 rental units across the entire Commonwealth of Pennsylvania, with 1,801 units designated as affordable.  

The URA’s 2025 Low- Income Housing Tax Credit pre-application process will open on Monday, September 16, 2024. Potential applicants can find the pre-application at www.ura.org/pages/residential-development . For more information on the six projects awarded LIHTC funding from PHFA, please see below.  For more information on the PHFA funding and the awarded projects, please visit the [PHFA website](https://www.phfa.org/mhp/). 

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More about Urban Redevelopment Authority (URA): 

Mayor Gainey and the URA are committed to building a prosperous and equitable economy for all of Pittsburgh. The URA helps to bridge public and private interests to invest in meaningful equitable developments that promote housing affordability, economic mobility, entrepreneurship and neighborhood revitalization. The URA’s work creates and sustains quality jobs, thriving neighborhoods, healthy communities, and sustainable businesses for the benefit of all Pittsburgh.