PITTSBURGH, PA (August 13, 2020) Governor Tom Wolf and the Pennsylvania Finance Housing Agency board today announced that six affordable housing developments in the City of Pittsburgh will be receiving tax credits this year, which is a record-high for the city.
The agency is increasing the number of 9% Low-Income Housing Tax Credit Program (LIHTC) allocations for developers constructing affordable housing, following Mayor William Peduto making an increase in such tax credits his top priority in Harrisburg.
The projects awarded today were supported by over $5 million in preliminary commitments from the Urban Redevelopment Authority of Pittsburgh to provide gap funding, as part of their applications.
Governor Wolf today also announced the issuance of a new round of funding for housing programs through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) fund, including $250,000 for the URA’s Housing Stabilization Program.
“I want to thank Governor Wolf for delivering these credits, which are the most powerful weapon we have to advance affordable housing in Pittsburgh. Finding housing has been a major issue in the city the past several years, and has become even more burdensome with the economic devastation of the pandemic, so these credits are all the more necessary and welcome,” Mayor Peduto said.
The redevelopment projects receiving the credits are the following:
Today’s announcements follow successful affordable housing initiatives by the Urban Redevelopment Authority’s Housing Opportunity Fund (HOF).
Under recommendations from an Affordable Housing Task Force named by Mayor Peduto in 2015, the HOF uses proceeds from a $10 million annual City allocation to fund affordable housing programs and activities. In 2019, HOF assisted 230 households through the Down Payment and Closing Cost Assistance Program (DPCCAP), Homeowner Assistance Program (HAP), and Housing Stabilization Program (HSP), and created and/or preserved 110 rental and for-sale affordable housing units through the Rental Gap Program (RGP) and the For-Sale Development Program.
For information on housing matters please visit the Housing Assistance Resource Portal (HARP) launched by the City of Pittsburgh in May.