One of the PDP's newest housing initiatives, The Vacant Upper Floors Loan Fund, is intended to stimulate the economic revitalization of Downtown Pittsburgh by creating the opportunity for Downtown housing among the buildings with vacant upper floors. These residential developments will create a diverse, lower cost supply of housing that will attract residents to the Downtown.
The $3.5 million program is funded through investments by public and private investors, including the Heinz Endowments
and the City of Pittsburgh’s Urban Redevelopment Authority and is administered by the PDP. Those interested can apply for loans up to 50 percent of the total project cost, $500,000 or $75,000 per residential unit, whichever is less. The PDP plans to close on four projects by year’s end.
The loan fund is the third and final phase of the Vacant Upper Floors Project, which began in 2004 with a pre-development guide for the residential adaptive use of Downtown buildings. In 2006, the PDP launched a free architectural consulting program to help guide building owners through the process of renovating their vacant upper floors in their building. Offered by the Community Design Center of Pittsburgh, the program provided building owners with architectural consulting regarding building codes and potential layouts for renovating vacant upper floors into a mixed-use with a residential component.
Vacant Upper Floors Guidelines
To learn about the PDP's Vacant Upper Floors Loan Fund, click here. For questions, contact Patty Burk, Vice President, Housing & Economic Development, at (412) 566-4190.
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