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.READ MORE: Woman Arrested, Facing Homicide Charges Following Deadly Shooting In Sheraden
The new initiative is called “OwnPGH.”
The goal is to bring neighborhoods like Larimer back to life with bond-funded single-family homes.READ MORE: Pittsburgh Weather: Afternoon Rain Chances After Morning Rounds Of Severe Weather
“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.MORE NEWS: Driver Taken To Hospital After Crashing Car Over Embankment Along Rt. 51 In Fayette County
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.