We are pleased to announce that we have partnered with Pittsburgh Urban Initiatives (PUI), the City’s Community Development Entity, to bring affordable for-sale housing to the East Liberty, Larimer, and Garfield communities.
We have been working with PUI for the past two years to bring this project to fruition. Together with the URA, Dollar Bank, Local Initiatives Support Corporation, Neighborhood Allies, and PUI with U.S. Bank as the investor, we closed on a $7 million New Markets Tax Credit (NMTC) project with Smith NMTC Associates, LLC. on July 26, 2019. This is the first for-sale residential NMTC investment for PUI.
The 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 the home equity for hundreds of low-income homeowners who are already in the community.
“The 2010 East Liberty community plan called for a blended and diverse community with housing options for all. We are excited about working with our partners to create these additional affordable homeownership opportunities in the neighborhood,” our deputy director, Skip Schwab, said about the project.
Photo: Rapid Flow Technologies.