Polara Properties Creates New Program

Community Stabilization & Restoration Program POLARA’s long-term goal is to implement a Community Stabilization & Restoration Program that will accomplish the following objectives during its initial operational phase:

Help stabilize existing communities by ensuring that current residents – especially long-term residents, minority residents, returning citizens, senior citizens, veterans, and working families – are able to secure safe and affordable housing; and

Help current renters – especially long-term residents, minority residents, returning citizens, senior citizens, veterans, and working families – make the transition from renting to homeownership.

During the second phase of its Community Stabilization & Restoration Program, POLARA will also seek to reduce the number of residents who experience housing instability and/or homelessness by helping them move to shelters and/or apartments. In conjunction with this phase, POLARA will also work with the City of Pittsburgh and Allegheny County to convert government-owned properties into shelters and affordable rental units (Note: At present, Pittsburgh owns more than 6,000 housing units – and spends +/- $2 million per year to demolish the most dangerous ones).

In conjunction with its Community Stabilization & Restoration Program, POLARA will work with government agencies and existing non-profit entities that are focused on helping current residents and others secure safe and affordable housing. In doing so, POLARA will offer safe and well-maintained rental units at below-market rates to long-term residents, minority residents, returning citizens, senior citizens, veterans, and working families. In addition, POLARA will also encourage its tenants to become homeowners by (a) sponsoring community workshops, multi-media outreach campaigns, and webinars that will inform residents about the existing programs that are available to help pay for some of the costs they must incur to become homeowners; and (b) offering to match up to $5,000 per year of any additional funds that its tenants choose to contribute to a secure trust fund during the first two years of their tenancy.