URA Loans Would Support Larimer Real Estate Development

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Categories: Finance Resources
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Pittsburghs Urban Redevelopment Authority is preparing to provide $2.1 million in loans to support a $26 million real estate advancement project in an economically depressed location of Larimer and East Liberty.

The task in the location of East Liberty Boulevard and Larimer Opportunity represents the first stage of work in the bigger Choice Communities effort, which received a $30 million infusion from the US Department of Housing and Urban Development last summertime to construct real estate, parks, streets and social services.

Authorities predict the HUD grant could assist leverage $300 million in public and private investment in the areas.

“This is among the most substantial advancement opportunities in a lower- to moderate-income neighborhood in the history of our city,” stated Councilman Ricky Burgess of North Point Breeze, who represents the area.

The URA board is scheduled to vote Thursday to accept a pair of loans to a collaboration that consists of St. Louis-based designer McCormack Baron Salazar, which is likewise involved in the forecasted $440 million redevelopment of the previous Civic Arena website in the Lower Hill District.

The task would consist of 85 apartments in 18 structures, consisting of four homes with 4 bedrooms and monthly leas of as much as $993; 17 with three bed rooms and rents approximately $1,180; 47 two-bedroom systems with leas up to $1,075; and 17 one bed room units with rents up to $875, according to URA documents.

Fifty-six of the homes would be tailored toward lower-income locals, with rents budget friendly to those making less than the locations median income. The typical household income varies from $19,100 a year to $25,000 a year. The rest would be rented at market rate.

A total of 334 rental unitsrentals are planned as part of the larger Option Areas job.

A $1.5 million loan from the URAs Pittsburgh Advancement Fund would be paid back at 3 percent interest, while a $560,000 loan from its Rental Housing Advancement Enhancement Program would be interest-free, according to URA documents.

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