Title
Ordinance amending and supplementing the Pittsburgh City Code, Title Two: Fiscal, Article IX: Property Taxes, Chapter 265 - Exemptions for Residential Improvements.
(Public Hearing held 10-10-18)
Body
Whereas the Council of the City of Pittsburgh finds as follows:
1. Pittsburgh has provided tax abatements in recent years to spur single-family housing development and investment throughout the City. These abatements have always been structured to respond to current needs, however, those needs change over time.
2. Construction costs for new single-family homes exceed what is affordable to a household earning less than the area median income; the Inclusionary Housing Working Group found that there is a need and opportunity to leverage the tax abatement programs for the purposes of increasing affordable homeownership opportunities during largescale developments of new homeownership developments.
3. The City can use the tax abatement structure to increase the production of quality single-family housing, to spur redevelopment and homeowner investment in areas of low investment, and to ensure housing that is affordable to households with low incomes in areas of high opportunity throughout the city.
4. Both the work of this Council and of the Affordable Housing Task Force have identified the need to increase homeownership opportunities for households with low and moderate incomes throughout the city.
5. With the majority of the City's housing stock more than 70 years old, there is the continued need to encourage investment in preserving and improving the quality of the ample housing opportunities in many single-family communities.
6. Using tax abatements for the purposes of incentivizing affordable homeownership will bring opportunities to low income households in Pittsburgh and will ensure a mix of housing development throughout the City.
7. Creating a revised structure for tax abatements will allow for the City to provide greater oversight and accountabilit...
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