Small Landlord Fund
The Urban Redevelopment Authority (URA) of Pittsburgh administers the Small Landlord Fund program provides 0% interest loans, up to $20,000 per unit to landlords with ten or fewer units for repairs and upgrades, with the goal to preserve existing affordable rental housing and/or to convert market rate and vacant housing to affordable housing in the City of Pittsburgh.
The borrower must agree to rent units to Housing Choice Voucher (HCV) holders or households at 80% of Area Median Income or below, during a required affordability period. The affordability period will remain in effect until the loan expiration date, which will come after 10 or 15 years depending on the loan amount.
Sources
- https://www.ura.org/pages/small-landlord-fund
- https://www.ura.org/media/W1siZiIsIjIwMjQvMDUvMDYvMXZzbzNicHl0eV9TbWFsbF9MYW5kbG9yZF9GdW5kX1Byb2dyYW1fU3VtbWFyeV8yMDI0LnBkZiJdXQ/Small%20Landlord%20Fund%20Program%20Summary_2024.pdf
Last updated: Nov. 8, 2024
Program details
City: Pittsburgh
Program geography: City
Entities involved: Non-Profit Organization
Market Category: Lower-Cost and Higher-Cost Market
Tool Category: Support for-profit Owners - Buy Rehab and Operate Existing Buildings
Tool Description: Low Cost Financing
Year started: 2021
Building type: 10 or fewer units
Target tenants: at or below 80% AMI
Affordability restrictions: Yes. 10 - 15 years term; affordability period is equal to term of loan
Funding description: The program is funded through the https://www.ura.org/pages/HOF(HOF), a housing trust fund that aims to increase and preserve the supply of decent, safe, and sanitary affordable housing for low-income households. Since 2018, the City of Pittsburgh has committed $10 million per year to fund HOF programs and activities.
Funding sources: Housing Trust Fund