The Pittsburgh Urban Redevelopment Authority unanimously authorized a bond issue of up to $42 million on Thursday for affordable housing development across the city. The new investment would supplement the city’s current $10 million housing opportunity fund as well as other programs designed to increase affordable housing availability.
The URA is unable to provide specific details as to how exactly the funds will be used, but the board stated that the proceeds will be used “to enhance efforts around affordable housing and to bolster new and existing programming that serves the City of Pittsburgh,” the Pittsburgh Post-Gazette reports.
The bond issue is expected to generate anywhere from $25 million to $42 million for affordable housing, a top priority of Mayor Ed Gainey. As part of the initiative, the URA is asking the city to pledge $2.5 million annually over the next 25 years to pay back the bonds.
In a presentation Thursday, Quianna Wasler, the URA’s chief housing officer, described the bond issue as a “monumental investment” in affordable housing.
She said it would supplement the city’s $10 million housing opportunity fund as well as other programs designed to increase the availability of such units citywide.