$11M loan fund aims to preserve affordable housing in Pittsburgh – By Julia Felton (TribLive) / Mar 21 2023
A new $11 million loan fund will aim to help developers retain affordable housing options in Pittsburgh.
The Henry L. Hillman Foundation and The Heinz Endowments are partnering with UPMC for You, a Medicaid-managed care plan, to create the fund. The funding will help developers buy existing multifamily housing units and retain them as affordable housing, the foundations said in a news release.
The program will focus on mixed-use residential buildings with at least 20 affordable housing units, as well as family and senior housing with at least 20 affordable units that are near schools, grocery stores and public transportation.
The Preserve Affordability Pittsburgh loans aim to preserve 1,200 affordable housing units across the city over the next decade. Working with Lansing, Mich.-based Cinnaire Lending, the loan fund is $11 million. Loan amounts will depend on individual developer proposals.
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