Does the City offer any programs to help fund the construction of a new home?
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- The URA provides financing to stimulate the new construction of single-family homes in targeted City of Pittsburgh neighborhoods. The homes are then sold to qualified buyers through the Neighborhood Housing Program (NHP). Some of these homes are listed here. In order to make purchasing a new home affordable, the URA offers 0% interest deferred second mortgages to eligible buyers and the loan does not have to be paid back until you sell the property. The requirements of the construction financing dictate how much second deferred money will be provided for each individual property. For many properties, deferred second mortgages can be up to $45,000. Please contact the Sales Agent to find out the requirements for the property and the exact deferred second mortgage loan amount.
- URA also offers a grant to help with your downpayment and closing costs. Borrowers who earn 80% of the area median income or less can recieve a Down Payment/Closing Cost Assistance grant of $3,000. NHP loans are offered in conjunction with the URA’s Pittsburgh Home Ownership Program or any conventional mortgage loan provided by private lending institutions.
Updated 3/10/2016 12:37 PM