PITTSBURGH — Between the rising cost of rent and high interest rates, many local families are being priced out of owning their own homes; however, a new partnership in Allegheny County is making sure local folks can buy and maintain a place of their own for generations.
Uptown Partners of Pittsburgh sold a vacant home on Forbes Avenue to Habitat for Humanity of Greater Pittsburgh to restore and provide mortgage financing to a qualified homeowner as part of its Homeownership Program.
The family that will move into the home has to put in 350 hours of sweat equity. Habitat for Humanity of Greater Pittsburgh President and CEO Dr. Howard B. Slaughter Jr. says it’s about someone demonstrating their commitment to homeownership for themselves and for others.
“That sweat equity could mean that family is on site, working on their home or others, maybe doing grout work, putting drywall up, maybe painting,” Slaughter tells Channel 11 News.
Slaughter says their homeownership rate is a 0% fixed interest rate for 30 years. Families also have to take financial literacy classes to ensure they’re prepared for homeownership and maintaining a home long-term.
“When you combine all of that and help take these homes that are vacant in the community and put a viable family in there, it increases the tax base, helps intergenerational wealth for that family and it’s good for the community,” Slaughter added.
Community members like Toniece Banks believe this is a win-win.
“It’s good they’re able to offer this, especially so close to downtown,” Banks said. “The housing right now in this area is pricey. I think it will be great for new families who are struggling. It’s something that’s convenient and affordable.”
Habitat’s President and CEO says this program is something that could not be accomplished without Uptown Partners and there is hope it can expand throughout Allegheny County to uplift entire neighborhoods.
“We’re looking to do this in communities all throughout Allegheny County,” Slaughter added. “If we can replicate this model, that’s going to give us the opportunity to increase production and help more families.”
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