PITTSBURGH, PA (December 11, 2018) The Urban Redevelopment Authority board is set to vote Thursday on allocating Housing Opportunity Fund monies for 74 units of affordable housing in the Middle Hill District and 151 units in Squirrel Hill.
The measures, which are supported by Mayor William Peduto's administration, are the first major allocations from the fund’s Rental Gap Program, which supports the construction or renovation of affordable housing units citywide, specifically targeting households at or below 30% and 50% of area median income.
The board is set to vote on issuing $600,000 to Action Housing for the renovation of 74 units for low-income men at the Hill District YMCA at 2621 Centre Avenue.
Another $1,515,000 million is set to be approved for the preservation and redevelopment of 151 units of affordable senior housing at Riverview Towers located at 52 Garetta Street in Squirrel Hill. The loan is funded by $400,000 of Housing Opportunity Funds, $650,000 of URA Rental Housing Development and Improvement Program Funds, and $465,000 of the assumption of existing URA Debt.
Loans for both projects are at a 0% interest rate with a 35-year term. The financing received approval last week from the HOF Advisory Board.