Title
Resolution requesting that the Mayor of the City of Pittsburgh, the Directors of the Office of Management and Budget and the Department of Finance, and the Executive Director of the Urban Redevelopment Authority to investigate the use of $2,000,000.00 of Capital Project Funds and / or other funds for the purposes of divestment in publicly-owned property.
(Post Agenda Held, June 28, 2017)
Body
WHEREAS, per the City of Pittsburgh's Housing Needs Assessment, although homes in the City of Pittsburgh are appreciating in value, most are still worth less than $100,000, with the cost of rehabilitation / repairs of older housing stock many times exceeding the value of the unit itself. As such, this may lead to a shortage of quality, well-maintained affordable units; and
WHEREAS, any attempt to address a shortage of affordable housing must include the preservation of existing housing stock, capitalizing on existing housing assets. These preservation efforts must be focused on the rehabilitation of housing stock that can be returned to the market and restricted to families / households in restricted income targets; and
WHEREAS, preservation of existing housing can often be more cost-effective and efficient than the construction of new units; and
WHEREAS, there are thousands of publicly-owned properties currently held by the City of Pittsburgh and the Urban Redevelopment Authority. However, a very large share of these properties aren't currently fit to be introduced to the market or inhabited. By strategically targeting these properties for rehabilitation and subsequent sale, the City of Pittsburgh and the Urban Redevelopment Authority can engage in a robust divestment of publicly-owned properties; and
WHEREAS, through this divestment, the City of Pittsburgh can achieve dual goals of adding numerous safe, quality, and affordable units to the housing market that are restricted to designated income targets, and growing its base of tax revenue; and
WHEREAS, the Cit...
Click here for full text