PITTSBURGH — The City of Pittsburgh has announced a new bond that will provide millions of dollars in funding for affordable housing.
City officials say they closed on the bond with the Urban Redevelopment Authority. The bond is $31.575 million.
“Affordable housing is not just something to banter about during election time. It’s absolutely critical for our communities to continue to thrive and allow our residents to remain in the place they call home,” said Mayor Ed Gainey. “I’m proud of the work my team and the URA have done and will continue doing to ensure more housing opportunities for everyone in Pittsburgh.”
This is the first time an affordable housing bond has been established in Pittsburgh’s history, city officials say.
The money will primarily be put towards maintaining the already existing affordable housing available in the city.
“I am truly grateful for the unwavering support of our City and Mayor Gainey’s trust in our organization. This trust is a testament to the transformative work accomplished through the URA’s Housing Department, led by Chief Housing Officer Quianna Wasler. We will actively engage with our community, housing partners, and City Council to ensure that our programming prioritizes the unique needs of the communities we serve. and conversation as funding of projects commences. We are eager to support projects that align with our collective vision for an inclusive and vibrant city. The URA remains steadfast in its mission to create a Pittsburgh where every individual has the opportunity to live, prosper, and contribute to our shared success,” said Susheela Nemani-Stanger, Executive Director for the URA.
The URA must submit a report to the Pittsburgh City Council within 90 days of receiving the money.
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