Program designed to boost Downtown housing
Tuesday, April 21, 2009 at 01:00PMPittsburgh Post-Gazette - April 21, 2009
By Mark Belko
At a time when many developers are finding it hard to secure financing for their projects, the Pittsburgh Downtown Partnership may have the remedy at hand, at least for some of them.
The partnership launched a $3.5 million revolving loan program yesterday designed to assist property owners and developers who are looking to convert vacant or underused upper floors of Downtown buildings into apartments or condominiums.
"These projects are hard to finance in the conventional sense. This is that extra help, the extra support, that will help to get the projects done," said Patty Burk, the partnership's vice president of housing and economic development.
Loans are available for projects in buildings up to eight stories high. Under program guidelines, developers or building owners could be eligible for loans up to half the total project cost, $500,000, or $75,000 per residential unit, whichever is less of the three options.
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