The federal government has allocated $50 million for Pittsburgh to invest in low-income neighborhoods. The money will help “address pressing community needs,” Democratic Congressman Mike Doyle said in a release.
The allocation from the New Market Tax Credits program is meant to help fill funding gaps, and draw in private capital. Officials with the Urban Redevelopment Authority say they intend to invest in projects that revitalize communities by creating permanent jobs and improving access to food and health care.
There are a number of projects now under consideration for this round of funding, from for-sale affordable housing to commercial and manufacturing facilities. However, the URA won’t disclose those projects until they’ve been approved by an oversight board.
Since 2011, Pittsburgh has received $238 million from the program, which has helped build affordable homes in Garfield and East Liberty, the Energy Innovation Center in the Hill District, and City of Asylum on the North Side.
The money comes from investors who commit to fund projects in poorer communities and who receive federal tax credits in return. The breaks will be disbursed by Pittsburgh Urban Initiatives, an affiliate entity of the URA.
