PITTSBURGH, PA (February 7, 2019) The Housing Opportunity Fund (HOF) Advisory Board this morning voted to recommend that the URA Board of Directors approve three resolutions supporting hundreds of affordable housing units citywide.
The URA board will take action at its next meeting on Thursday, February 14.
Homeowner Assistance Program Administrators
The URA Board will consider HOF agreements with the following six non-profit organizations to serve as program administrators for the Homeowner Assistance Program (HAP):
The HOF HAP provides financial and technical assistance to eligible borrowers for rehabilitating and improving residential owner-occupied properties citywide. Through HOF HAP, the URA provides deferred 0% interest loans and grants to assist low-income borrowers to: bring their homes into compliance with city codes; undertake energy efficiency improvements; and undertake eligible general property improvements. The annual household income must be less than 50% of the Area Median Income (AMI).
The total amount in the HAP line item for the 2018 allocation plan is $2.375 million.
Residences at Wood Street
Another resolution before the URA Board is a HOF Rental Gap Program (RGP) loan agreement in the amount of $380,000 with the Residences at Wood Street for the redevelopment of Wood Street Commons, located in the Central Business District.
The HOF RGP is intended to help fund the creation of new affordable housing and/or preserve affordable housing City-wide, specifically targeting households at or below 30% AMI and 50% AMI.
Wood Street Commons provides housing and supportive services in the form of 259 single room occupancy units to low income adults. The facility offers valuable services to people living there, including help on becoming more self-sufficient. Additionally, there is 55,000 sq. ft. of commercial space which is occupied by job training services and other non-profit organizations.
The loan will allow the Residences at Wood Street to install a new sprinkler system pump, update sprinkler heads throughout the buildings, connect a residential elevator to an emergency generator, install door card-readers on remaining residential units, repair façade sections, install additional security cameras, and rehabilitate the building’s front desk.
The URA Board will also vote on a HOF RGP loan agreement in the amount of up to $200,000 with Oakland Planning and Development Corporation (OPDC) for the renovation of the Parkview Manor affordable living property.
The loan will provide combined construction/permanent financing for the renovation/preservation of this 15-unit (one-bedroom, one-bath) affordable living property for seniors and people with disabilities.
With HOF funding, OPDC will complete much-needed renovations and repairs, including replacing the roof, replacing the building’s shared hot water tank, installing new windows throughout the entire building, painting the exterior of the building, and the replacement of individual packaged thermal A/C units for each unit. Work is expected to be completed within six months of loan closing.
The HOF funds will be tied to five units at or below 30% AMI. The building has a Project-Based Section 8 HAP contract. The current tenant portfolio includes 14 residents at or below 30% AMI and 1 at or below 50% AMI.
The URA Board of Directors will meet at 2 p.m. on Thursday, February 14, 2019 in the Wherrett Memorial Board Room at 200 Ross Street, 13th floor, Pittsburgh, PA 15219.
The HOF is holding five community feedback sessions citywide, starting Tuesday, on its allocation plans. More information is available here.