Pittsburgh Downtown Conversion Program

The Pittsburgh Downtown Conversion Program (PDCP) is a request for proposal (RFP) issued by the Urban Redevelopment Authority of Pittsburgh (URA) to provide funding for projects that convert underutilized office space into affordable housing in Downtown Pittsburgh. The program aims to create new affordable housing units for low-to-moderate income households and to reduce underutilized office space in the area. • Eligible projects must be located within the City's Central Business District and must consist entirely of currently vacant commercial/office space. • Projects must rent at least 20% of the units to households at or below 80% of Area Median Income (AMI). • The program will prioritize projects that maximize other relevant public and private financing sources and that commit to deeper affordability by utilizing the Housing Choice Voucher Program. • PDCP funding will be provided in the form of subordinate loans, with a maximum loan amount of $1,000,000 to $3,000,000, depending on the project's affordability level. • The loan term will not exceed 40 years, and the interest rate will be established based on the borrower's capacity to repay the loan. • Borrowers will be required to maintain records and submit quarterly reports to the URA. • The URA encourages the participation of minority and women-owned business enterprises (MWBEs) in the program and requires applicants to demonstrate a good faith effort to obtain MWBE participation.