Pittsburgh initiative will help people own homes despite lower income, credit

PITTSBURGH — State and city leaders joined officials with the Urban Redevelopment Authority of Pittsburgh on Wednesday to announce a new affordable housing initiative.

Coined “OwnPGH,” the effort involves a $22 million bond issuance to assist low-income families in achieving home ownership within the city. The URA is providing an additional $4 million of its own funds, leaders said.

The program will help hopeful buyers overcome “barriers” that typically hinder people from purchasing a house, like having a lower credit score.

Diamonte Walker, URA Deputy Executive Director, said the initiative is a “generational wealth-building” tool that “will put our residents in a position to own a future stake in Pittsburgh’s future, and economic resurgence.”

“Ownership gives people equity,” said URA Executive Director Greg Flisram. “And ownership is a path to wealth and a middle-class lifestyle.”

Leaders delivered the news while standing in front of a rehabbed home on Mayflower Street. That property is close to five other affordable new construction units by the URA’s Pittsburgh Housing Development Corporation.

Ultimately, they hope 100 families will be connected with homes via the OwnPGH program; however, they are awaiting official approval from the URA board. That vote is expected Thursday.

Approval is anticipated, and after that, leaders expect the bond to be issued this summer. Applicants will be able to fill out a form on the PHDC’s website.

“OwnPGH is a program that will help to change neighborhoods, help to change Pittsburgh and help to change the lives for the people who call this city home,” said Mayor Bill Peduto.

OwnPGH also includes a plan to make the purchase of vacant, city-owned side yards easier for homeowners.

The plan comes as state and city leaders announced they are also working to help the Pittsburgh Land Bank more efficiently acquire vacant or distressed properties.

According to the PLB website, the mission is “to return unproductive Real Property to beneficial reuse, through an equitable, transparent, and public process, revitalize neighborhoods to strengthen the City’s tax base and support socially and economically diverse communities.”

RAW: Mayor Peduto hosts news conference on new affordable housing initiative RAW: Mayor Peduto hosts news conference on new affordable housing initiative

Cox Media Group