A new housing initiative aims to revitalize downtown and neighborhoods throughout the city by stimulating residential growth. The three-part initiative, announced yesterday by
Mayor Ravenstahl at the
Pittsburgh Downtown Partnership’s (PDP) annual meeting, takes a three-pronged approach. It includes a residential tax-abatement initiative, a vacant upper floors financing program, and workforce/affordable buyer incentives.
“We’re very pleased that the Mayor announced his initiative regarding escalating downtown housing development and the revitalization of
Market Square at our annual meeting, with our 365 attendees,” says Mike Edwards, executive director of the PDP. “This is important for a healthy downtown.”
To support the construction, conversion and rehabilitation of residential units, the proposal includes a 10-year, 100% property tax-abatement up to a cap of $250,000 per unit. Available from 2007-2012, the program targets downtown and 20 neighborhoods where the Mayor hopes to spur population growth, decrease crime and improve quality of life.
“This program is very aggressive—it puts us on par with other cities like Philadelphia and St. Louis, which have loaded their downtowns with housing,” adds Edwards, who says the Mayor also announced next steps for activating Market Square in conjunction with the PDP.
The plan's buyer incentives are designed to boost the affordability of downtown housing and attract a more diverse economic population. Approximately 130 downtown buildings are candidates for the program. The pilot project includes 15 projects and 150 units.
Writer: Jennifer Baron
Sources: Mike Edwards; Dick Skrinjar