2018 Rental Gap Program - Housing Opportunity Fund (HOF)

The Urban Redevelopment Authority of Pittsburgh is seeking proposals from developers for the creation and/or preservation of affordable housing units through the 2018 Rental Gap Program. The program aims to increase the supply of decent affordable housing and eliminate health, safety, and property maintenance deficiencies. Eligible projects must be located in the City of Pittsburgh, comply with zoning requirements, and contain at least four units. The program provides loans to developers for the creation and/or preservation of affordable units, with a maximum loan amount determined by the number of affordable units and the level of affordability. • The program has allocated $3.875M for the 2018 fiscal year, with $2.5M for households at or below 30% of Area Median Income (AMI) and $1.375M for households at or below 50% AMI. • Eligible borrowers are members of development teams with demonstrated development and property management experience, and all development teams must include a non-profit applicant. • The program encourages the incorporation of additional affordable units that exceed the minimum number of required affordable units. • The loan repayment schedule will be based on the borrower's capacity to repay the loan through the project's operating income, and the loan term shall not exceed 30 years from the date of completion of the rehabilitation or new construction. • The URA encourages minority and women-owned business enterprise participation in the program.