Housing Opportunity Fund - Rental Gap Program
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The Urban Redevelopment Authority of Pittsburgh (URA) is requesting proposals for its Housing Opportunity Fund (HOF) Rental Gap Program (RGP). This program aims to provide loans to developers for the creation of new affordable housing units or the preservation of existing affordable housing units within the City of Pittsburgh. The HOF RGP is designed to increase the supply of decent affordable housing, eliminate health and safety deficiencies, and ensure compliance with applicable codes and standards. Eligible projects include new construction or rehabilitation of rental units intended for households at or below 30% or 50% of Area Median Income (AMI). The program allocates $2.5 million for units affordable to households at or below 30% AMI and $1.375 million for units affordable to households at or below 50% AMI. Priority is given to projects that can bring new affordable units to market quickly, are "shovel-ready," or provide social services to residents.
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