Housing Preservation Program

The Urban Redevelopment Authority of Pittsburgh is seeking funding applications for the Housing Preservation Program to support the acquisition, renovation, and operation of affordable rental units within the City of Pittsburgh. Funded by the American Rescue Plan, the program aims to invest in subsidized or naturally occurring affordable housing that is at risk of converting to market rate. Eligible applicants include non-profit, for-profit, and limited equity cooperative developers. The program requires borrowers to provide equity contributions and adhere to affordability compliance for a period of 40 years, with specific mandates for fair housing marketing plans and visitability. Applications are accepted on a rolling basis through the Ion Wave Technologies platform and must include a comprehensive set of documents. Required submissions consist of an application narrative detailing the development team and project background, a detailed Excel workbook outlining the development budget and sources of funds, and a variety of supporting attachments. These attachments include legal organizing documents, financial statements, project bids, appraisals, and funding commitment letters. The program provides specific loan terms regarding maximum funding amounts per unit and per project to ensure the long-term preservation of affordable housing in the region.