RFP - 2018 Rental Gap Program - Housing Opportunity Fund (HOF)

The Urban Redevelopment Authority of Pittsburgh’s (URA) Housing Opportunity Fund (HOF) Department requests proposals from developers for the creation and/or preservation of affordable housing units, known as the Rental Gap Program (HOF RGP). The HOF RGP will be used to help fund the creation of new affordable housing and/or preserve existing affordable housing in the City. The HOF RGP provide loans to developers (borrowers) for the creation and/or preservation of affordable units. The HOF RGP is designed to increase the supply of decent affordable housing and to eliminate health, safety and property maintenance deficiencies as well as to ensure compliance with applicable codes and standards. The new creation of affordable housing will generally be defined as one of the following: The new construction of housing units which will be rented to households at or below 50% of Area Median Income (AMI) The new construction of units which will be rented to households at or below30% of AMI The rehabilitation of existing rental units to be rented to households at or below 50% of the AMI The rehabilitation of existing rental units to be rented to households at or below 30% of AMI The 2018 AAP allows for $2.5M of HOF RGP funds to be spent on creating and/or preserving housing units affordable to households at or below 30% of AMI and $1.375M for households at or below 50%