Affordable Housing Bond Funding Now Available to Developers

In December 2023, the URA secured $30.6 million through an Affordable Housing Bond issuance to be used to fund affordable housing development in the City of Pittsburgh. 

These funds are now available for use through three of the URA’s existing programs, including the Rental Gap Program, the Housing Preservation Program and the pilot Pittsburgh Downtown Conversion Program. Applications for these programs are accepted on a rolling basis. Developers that plan to apply for Low-Income Housing Tax Credits for their projects will need to go through a separate pre-application process. 

Additionally, the URA is in the process of creating a new Revolving Loan Fund program that will provide much-needed financial support to development projects that require construction or bridge loans with a below-market interest rate. 

“It’s exciting to see these funds become available...Nearly $31 million in new resources for affordable housing is a significant investment in the future of our city,” said URA Board Chair Kyle Chintalapalli.
 

Affordable residential development program information can be found here.