Pittsburgh Urban Initiatives

Initiating Investment, Rebuilding Markets

Pittsburgh Urban Initiatives (PUI), a URA affiliate, catalyzes investments in Pittsburgh’s underserved neighborhoods by applying for and facilitating New Markets Tax Credits.

About the New Markets Tax Credit Program

The New Markets Tax Credit (NMTC) Program was established by Congress in 2000 to attract private investment to low-income communities. The program incentivizes investment by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs), which in turn finance qualified business and real estate projects that support community development.

About Pittsburgh Urban Initiatives

PUI is a Limited Liability Company certified as a CDE by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. Through the NMTC Program, PUI strategically invests in office, retail, mixed-use, and community facility developments that benefit low-income neighborhoods across the City of Pittsburgh.

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Making a Real Impact

To date, PUI has applied for and received $298 million in New Markets Tax Credit allocation to use toward projects in the City of Pittsburgh. Completed projects include:

$6 Million invested in Steel City Squash

Located in the Larimer neighborhood, this project is the new construction of an academic and athletic facility for after school programming for disadvantaged youth in Pittsburgh. Currently, Steel City Sqaush serves 63 school-age students, and this new facility will allow the organization to expand to 150 students. Steel City Squash will also provide community access to the facility and offer athletic memberships at income-sensitive membership fee levels

$4 Million invested in the Triangle Building

This project involves the restoration and revitalization of a unique six-story, 23,000 square foot commercial building in Downtown Pittsburgh. It includes commercial space, residential units, and a common area. The first floor will house a restaurant and fresh food market with the upper levels converted to 15 residential units for families.

$8 Million invested in City of Bridges Land Trust

This is a scattered site project in the Lawrenceville, Polish Hill, Garfield, Hazelwood, Fineview, and Troy Hill neighborhoods. All of the homes to be built or renovated will be sold to low-income households. City of Bridges utilizes a ground lease structure to ensure affordability in perpetuity for those wanting to own a home