Finance

Pittsburgh Affordable Housing Gets Quick Funds by URA

Pittsburgh Affordable Housing Gets Quick Funds by URA

Thursday saw the closing of a $31.6 million bond by Pittsburgh’s Urban Redevelopment Authority (URA), which will fund the city’s efforts to provide affordable housing.

An official plan outlining the allocation of funds has not yet been made public.

To pay for the bond, the City Council decided last summer to provide the URA a total of $62.5 million, or $2.5 million annually for 25 years.

Within ninety days, the URA must give the City Council a more thorough report outlining its plans for using the funds. To construct and maintain affordable housing around the city, officials stated that the URA will mostly use the funds for its current affordable housing initiatives.

The only other council member to vote against the proposal on Thursday was Beechview’s Councilman Anthony Coghill, a Democrat. Citing the fact that the city will be paying close to $31 million in interest on the bond, he expressed his opinion that the URA did not receive a good deal.

He said he didn’t think it was a wise financial decision, Coghill acknowledged that he recognized the need to fund quick-to-launch affordable housing projects.

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