By: KDKA-TV News Staff

PITTSBURGH (KDKA) – Mayor Bill Peduto and the Urban Redevelopment Authority of Pittsburgh launched a new affordable homeownership initiative on Wednesday.

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The new initiative is called “OwnPGH.”

The goal is to bring neighborhoods like Larimer back to life with bond-funded single-family homes.

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“We have to move to have a conversation about how we position Pittsburghers to take an ownership stake in our city and part of doing that is developing these generational wealth-building tools that will put our residents in a position to own a future stake in Pittsburgh’s future and economic resurgence,” said Diamonte Walker, the URA Deputy Director.

According to local leaders, the $22 million fund will also offer competitive interest rates to potential homebuyers.

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The program promises to make buying city-owned side yards easier for homeowners. That process currently can take years to complete but under the new plan, it should speed up the titling process.