October 23, 2020
The Housing Authority of the City of Pittsburgh (HACP) is pleased to announce that its Board of Commissioners approved funding for the Project-Based Voucher (PBV)/Gap Financing Program and various other mixed-finance development initiatives to continue in 2021. At its October 2020 meeting, the Board of Commissioners approved the transfer of $22,125,440 to Allies & Ross Management and Development Corporation (ARMDC), HACP’s development instrumentality, to fund the Gap Financing Program and other development initiatives.
The approved $22,125,440 will be distributed to developments across the city, as such:
- $6,000,000 – PBV/Gap Financing Program;
- $5,000,000 – Bedford-Centre Avenue Set-Aside;
- $3,925,440 – Larimer/East Liberty Choice Neighborhood Initiative Phases 3-5;
- $200,000 – Manchester Redevelopment; and,
- $7,000,000 – Acquisition Rehabilitation Construction.
The Gap Financing Program began in December 2015 as a way to both expand affordable housing in the City of Pittsburgh and build capacity for local non-profits and community development corporations. HACP and ARMDC partner with these local organizations, as well as some regional and national developers, providing them with loans and PBV operating subsidies to develop affordable housing directly in their communities.
“We’re very proud of the Gap Financing Program,” said HACP Executive Director Caster D. Binion. “Not only does it bring more affordable housing to the communities that need it, but it builds important relationships with community organizations and helps them compete with the many large developers in the city.”
“This is going to provide a significant infusion of new affordable housing that we’re extremely excited about and is made possible from the ongoing support provided by the US Department of Housing and Urban Development and the City of Pittsburgh,” Mr. Binion said.
In response to the 2020 Request for Proposals for the PBV/Gap Financing Program, seven firms submitted nine proposals for developments throughout the city. Following the Board’s approval at its October 2020 meeting, HACP will start the underwriting and negotiation processes with responsive applications.
Once these processes are complete, HACP will issue conditional commitments for the selected proposals. HACP, ARMDC, and the selected partners will then complete predevelopment activities and financial closing within two years before beginning construction.
“The Gap Financing Program has been a monumental success in bringing affordable housing to Pittsburgh residents. We’re very excited to forge these new partnerships and see the program continue to make a difference in Pittsburgh communities,” said Mr. Binion.
Contact: For more information, contact Michelle Sandidge, Chief Community Affairs Officer, at firstname.lastname@example.org or 412-456-5058.