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PITTSBURGH, PA (May 31, 2019) This morning the City of Pittsburgh and Urban Redevelopment Authority of Pittsburgh officials and Brighton Heights community members came together to celebrate with Natalie Perko, a new homeowner who purchased her home with help from the Housing Opportunity Fund’s (HOF) Down Payment and Closing Cost Assistance Program (DPCCAP).
Ms. Perko, one of the first people to participate in the DPCCAP, received $5,000 in assistance to purchase the house.
"The Housing Opportunity Fund is here to not only help residents like Natalie, but to support whole neighborhoods citywide. I want to thank all those who have worked so hard on the fund, from City Council to the URA staff to the Housing Opportunity Advisory board for all their efforts," Mayor William Peduto said.
The DPCCAP stimulates housing investment in the City and encourages homeownership by providing financing to first-time homebuyers in the City of Pittsburgh. The application for the DPCCAP was released in January 2019. To date, 16 residents have participated in the program for a total of $60,000 in assistance.
“The Down Payment and Closing Cost Assistance Program provides financial assistance for people to purchase their first home in the City and become a proud Pittsburgh homeowner. If you are thinking about buying a home, please call us to inquire about this program. We want to help you become a homeowner,” said Jessica Smith Perry, Housing Opportunity Fund Director.
The HOF is the City’s local housing trust fund. The HOF was created in 2016 by City Ordinance to support the development and preservation of affordable and accessible housing in all areas of the city. In June 2018, the Mayor appointed a 17-person Advisory Board to help administer the fund. The Advisory Board members represent: local government, housing advocates, community members impacted by housing affordability and insecurity, the nonprofit and for-profit development community, and financial Institutions. The City committed to fund the HOF at the amount of $10 million per year for 12 years. It is anticipated that the $10 million in 2018 HOF funds will help at least 500 households.
As part of the 2018 Allocation Plan, the HOF Department conducted the following five programs:
The Housing Stabilization Program – provides emergency rental assistance to prevent evictions
The Rental Gap Program – funds development/preservation of rental housing for households at or below 50% Area Median Income (AMI)
The Homeowner Assistance Program – provides up to $30,000 of home rehabilitation to homeowners at or below 50% AMI
Down Payment and Closing Cost Assistance Program – provides up to $7,500 for down payment and closing cost assistance to buyers at or below 80% AMI and $5,000 for buyers above 80% but below 115% AMI
For-Sale Development Program – funds the development of for-sale housing to be sold to homebuyers at or below 80% AMI
Across all five programs, to date, over $5 million from the 2018 allocation has been committed to nonprofit developers, homeowners, and/or first-time homebuyers.
Another $10 million in 2019 HOF funds will be available by the end of this second quarter.
For inquiries about the Down Payment and Closing Cost Assistance Program, please contact 412-255-6677.