The federal government has given Pittsburgh $ 50 million to invest in low-income neighborhoods. The money will help meet “urgent community needs,” said Democratic Congressman Mike Doyle in a press release.
The allocation from the New Market Tax Credits program is intended to help fill funding gaps and attract private capital. City redevelopment officials say they intend to invest in projects that will revitalize communities by creating permanent jobs and improving access to food and health care.
A number of projects are currently under review for this funding round, from affordable apartments for sale to commercial and manufacturing facilities. However, URA will not disclose these projects until they have been approved by an oversight body.
As of 2011, Pittsburgh has received $ 238 million from the program that helped build affordable homes in Garfield and East Liberty, the Energy Innovation Center in the Hill District, and the City of Asylum on the North Side.
The money comes from investors who commit to financing projects in poorer communities and receive federal tax credits in return. The breaks are paid out by Pittsburgh Urban Initiatives, a subsidiary of URA.