Urban Redevelopment Authority of Pittsburgh
Introduction The '''Urban Redevelopment Authority of Pittsburgh''' (URA) is the City of Pittsburgh’s economic development enterprise, committed to building a prosperous and equitable economy for the City. The URA helps bridge public and private interests to invest in financially viable equitable developments that promote housing affordability, economic mobility, entrepreneurship and neighborhood revitalization. Its work creates and sustains quality jobs, thriving neighborhoods, healthy communities and sustainable businesses for the benefit of all Pittsburghers.
Impact As of 2015, nearly $3billion in private investment has been leveraged by $336million in tax increment financing administered by the URA – a leverage ratio of 9 to 1.Between 2006 and 2012, the URA:* Issued 401 loans/grants totaling $580million with $80million of URA investment* Invested $348million in economic development projects, leveraging over a billion dollars in total project costs* Leveraged $60million in tax increment financing (TIF) to create $520million in total investment* Initiated $545million in housing development projects, creating 4,024 housing units with $138million of URA investment* Provided $9.4million in loans and grants to rehabilitate 611 housing units and $20.3million in mortgage loans for the purchase of 422 housing units
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