Now Accepting Applications for the Housing Preservation Program
The URA is excited to announce that the highly-anticipated Housing Preservation Program is up and running.
This program, supported by the American Rescue Plan Act, will invest in the City of Pittsburgh's existing affordable rental housing stock that is at risk of turning market rate. Program funding will assist nonprofit and for-profit developers in acquiring, renovating or operating affordable rental units. Eligible borrowers may receive loans of up to $50,000 per affordable unit, with a maximum loan of $1.5 million per project.
Requirements
- Eligible projects must have a minimum of five units.
- At least 50% of the project's units must be affordable to households at or below 80% of Area Median Income (AMI). The URA will prioritize projects serving households at or below 50% of the AMI.
- The program will also require participating projects to accept Housing Choice Vouchers.
- Participants must accept a 40-year affordability deed restriction on the project.
How to Apply
Interested applicants should submit a funding application through the URA's Ion Wave Technologies platform. Those new to Ion Wave Technologies will need to register for an account to apply or submit questions.
The URA is accepting applications on a rolling basis.
