For the past two years, we’ve been working to bring more affordable, for-sale housing to the East End through the New Markets Tax Credit program. On February 20th, we were happy to celebrate the creation of the first units that were built or renovated through the use of $7 million in tax credits provided through the program. Community members and our dedicated partners came out for a tour of the first completed units and Mayor Bill Peduto gave a speech to mark the special occasion, one that took the combined effort of many organizations working together to bring to fruition.
About the project
The NMTC project will use a mixed-income approach to create affordable homeownership opportunities in the East End, and in total, will facilitate construction of six new homes and the rehabilitation of 20 homes. Of the 26 homes being renovated or constructed, 18 will be sold to families with incomes at or below 80% Area Median Income.
All of the low-income homeowners will receive pre-purchase counseling, homebuyer education, and support to help make them successful homeowners. This work will be done with Open Hand Ministries and the Circles Greater Pittsburgh program, which will prepare the families for homeownership and provide income-eligible homebuyers with housing opportunities designed to build generational wealth. The resulting revitalization of these residential areas will restore home equity for hundreds of low-income homeowners who are already in the community.
> Learn more about the celebration and project via NEXTPittsburgh, the URA’s press release, and our previous post.