Title
Resolution directing the Department of Finance and the Urban Redevelopment Authority to create a pilot program that identifies Publicly-Owned properties in the Hazelwood neighborhood for which Deed Restrictions shall be made and used to preserve Affordable Housing.
Body
The Council of the City of Pittsburgh hereby resolves:
Section 1. PURPOSE
A. This Resolution directs the Department of Finance and the Urban Redevelopment Authority to utilize properties owned by each in a pilot program in the Hazelwood neighborhood of Pittsburgh that shall use Deed Restrictions to preserve Affordable Housing.
1. All appropriate steps necessary for the execution of the program described herein shall be taken by the aforementioned parties in a timely manner and in good faith.
B. This program, capitalizing on pre-existing public assets by securing their future use as sources of Affordable Housing, shall make use of appropriate and relevant metrics within Deed Restrictions to bound the future use and development of these properties to maintain, for specific periods of time, continued affordability.
Section 2. DEFINITIONS
A. Affordable Housing: Housing wherein housing-related expenses do not exceed 30 percent of a household's gross income, used in conjunction for the purpose of this Resolution and program with an income target of 80 percent of area median income.
B. Area Median Income (AMI): The median household income for the Pittsburgh metropolitan area published annually by the U.S. Department of Housing and Urban Development.
C. Deed: The legal documents or instruments by which a Grantor conveys all right, title, and interest in real property to a Grantee.
D. Deed Restriction: Regulations governing the use of Publicly-Owned properties as Affordable Housing for a period of time pursuant to a restrictive covenant or similar enforceable, recorded instrument, as determined, written, and promulgated by the Department of Finance of the City of Pittsburgh and / or the ...
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