PITTSBURGH – State and city leaders joined officials from Pittsburgh’s Urban Redevelopment Authority on Wednesday to announce a new affordable housing initiative.
Entitled “OwnPGH,” the effort involves a $ 22 million bond issue to help low-income families access homeownership in the city. The URA is providing an additional $ 4 million of its own funds, the executives said.
The program will help potential buyers overcome “barriers” that typically prevent people from buying a home, such as a lower credit rating.
Diamonte Walker, deputy executive director of URA, said the initiative is a “generational wealth creation” tool that “will put our residents in a position to hold a future stake in Pittsburgh’s future and economic resurgence” .
“Ownership gives people equity,” said URA Executive Director Greg Flisram. “And property is a path to wealth and a middle class lifestyle.”
Executives broke the news as they stood outside a rehabilitation home on Mayflower Street. This property is close to five other new affordable construction units from URA’s Pittsburgh Housing Development Corporation.
Eventually, they hope that 100 families will be connected to homes through the OwnPGH program; however, they are awaiting formal approval from the URA Board of Directors. This vote is expected Thursday.
Approval is pending, and after that, executives expect the bond to be issued this summer. Applicants will be able to complete a form on the PHDC website.
“OwnPGH is a program that will help change neighborhoods, change Pittsburgh and change the lives of the people who inhabit this city,” said Mayor Bill Peduto.
OwnPGH also includes a plan to make it easier for owners to purchase vacant city-owned side yards.
The plan comes as state and city leaders announced they are also working to help the Pittsburgh Land Bank acquire vacant or distressed properties more efficiently.
According to the PLB website, the mission is “to make real estate unproductive for beneficial reuse, through a fair, transparent and public process, to revitalize neighborhoods to strengthen the city’s tax base and support communities. socially and economically diversified ”.
Cox Media Group