Partnership between OwnPGH, Housing Authority could provide up to $90K for first time homebuyers
Buying and owning your first home is sometimes coined the American Dream.
“You get excited and it’s a pretty complicated in-depth process and to get your hopes up to go back and forth with the seller,” Lydia told Channel 11.
Lydia has spent the last year looking for that perfect home and has lost out seven times.
With a competitive market, she finds people with more cash flow are outbidding her.
“If I was coming from a strong financial position in the beginning, I would be able to take advantage of a few more things,” Lydia said.
But Lydia’s income does qualify her for a new program with the Urban Redevelopment Authority called OwnPGH.
The partnership with the Housing Authority could provide up to $90,000 to first time low income homebuyers in the city.
“This program is available to first time home buyers that are at 80 percent of the areas median income or below and it would provide financing to lower the purchase price of the home and make it so it is in their price range and they would be able to purchase the home,” said Derek Kendall-Morris with the URA.
The grants are possible through the city using $15 million from the American Rescue funds. The only catch is homeowners will have to sell the property to another family meeting the same income qualifications if they left before 30 years to allow for more affordable housing.
It’s something Lydia believes could be life changing.
“Pittsburgh has its charms and I would like to stay here if I could get my key in the door somewhere,” Lydia said.
The URA is taking feedback from the public on the program and plans to have the final version ready for board approval next month.
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