A meeting for the Urban Redevelopment Authority of Pittsburgh. Photo by Kat Procyk/PublicSource)

URA lays groundwork for small landlord program; 5 Pittsburgh projects win tax credits

As part of Develop PGH, PublicSource will report here about notable actions and conversations from the monthly meetings of the Urban Redevelopment Authority [URA]. The meetings are held the second Thursday of each month in the Wherrett Room on the 13th floor at 200 Ross Street. For the Urban Redevelopment Authority, 2019 has been a year of rolling out long-awaited programs to address a lack of affordable housing, and today those efforts have garnered support from state officials who awarded Low Income Housing Tax Credits [LIHTC] to five projects in Pittsburgh. The program, administered by the Internal Revenue Service, offers coveted tax incentives to developers who build below-market housing units in exchange. According to a press release from Mayor Bill Peduto's office, the five LIHTC awards comprise "the largest number of Pittsburgh developments to receive the low-income tax credits in memory."

What’s the latest on opportunity zones and how they stand to impact development?

Created under Republican-backed Tax Cuts and Jobs Act in December 2017, opportunity zones allow for investment banks and other entities that make money off capital gains — typically hedge funds and other large private investors — to move that income into a fund designated for business and development projects in census tracts that have a disproportionate number of low-income residents. In exchange, the investor can bypass federal taxes on the original capital gains after several years.