PITTSBURGH, PA (October 14, 2021) Governor Tom Wolf and the Pennsylvania Housing Finance Agency board announced today that three City of Pittsburgh affordable housing developments will be receiving tax credits this year.
The Low-Income Housing Tax Credit (LIHTC) program is a critical resource to support the development and rehabilitation of affordable housing to provide low-income families with quality housing at lower rents. LIHTC provides an annual tax credit for owners of affordable rental properties for their first 10 years of operation and properties must be affordable for at least 30 years. Developers use the tax credits to raise equity from investors to finance the project.
These three additional tax credit awards continue a record run of LIHTC allocations for the city after Mayor William Peduto met with Governor Wolf to advocate an increase in awards to Pittsburgh.
The projects awarded today were supported by over $1.5 million in preliminary commitments from the Urban Redevelopment Authority of Pittsburgh (URA) to provide gap funding as part of their applications.
"Providing high quality affordable housing has been a top priority of my administration and we are grateful to Governor Wolf and our partners in Harrisburg for helping to bring additional tax credits to Pittsburgh,” said Mayor Peduto. “Collaboration of partners from all sectors is critical to meet the need for housing in our city and I thank the URA and development partners for creating an additional 112 affordable units for people and families.”
The redevelopment projects receiving the credits are:
For information on housing resources in the City of Pittsburgh, please visit the Housing Assistance Resource Portal (HARP).