PITTSBURGH, PA (April 8, 2021) More than 30 properties in East Hills will be stabilized under plans going before the board of the Urban Redevelopment Authority of Pittsburgh today in an agreement with Rising Tide Partners.
Rising Tide plans to acquire and stabilize 30 vacant properties in the East Hills Park community, and acquire four occupied rental units and one vacant rental unit that will be renovated and sold as affordable housing to buyers between 50-60% Area Median Income (AMI) within five years.
As the URA board agenda notes, the East Hills Park Revitalization Strategy Report released in December 2020 shows that more than 50% of the homes in East Hills Park require significant repairs. The report found that 32 of the 167 townhomes are vacant and only 37% are owner-occupied.
By implementing a revitalization strategy that acquires and stabilizes the most troubled units of East Hills Park and removes the nearly 700 liens that encumber the properties, the remaining units have increased likelihood of being sustained as naturally affordable owner-occupied housing and can continue to meet the needs of low-income homeowners.
In support of the initiative the URA board is set to vote today on a $400,000 UDAG Program Income Fund (UPIF) Loan and a $81,000 Pittsburgh Housing Construction Fund Loan.