In addition to offering below-market rents, POLARA Properties will also match up to $5,000 of whatever amounts its tenants deposit into a lockbox, interest-earning savings account during the first two years of their tenancies. Thus, if a tenant deposits $250.00 per month during that time period, POLARA Properties will contribute $6,000 if the tenant wishes to purchase the unit at the end of the second year of the tenancy.

The easiest way to apply for one of our available housing units is by filling out an application form at https://PolaraProperties.com.

In addition to offering below-market rents, POLARA Properties will also match up to $5,000 of whatever amounts its tenants deposit into a lockbox, interest earning savings account during the first two years of their tenancies. Thus, if a tenant deposits $250.00 per month during that time period, POLARA Properties will contribute $6,000 if the tenant wishes to purchase the unit at the end of the second year of the tenancy.

Although numerous initiatives have been undertaken to increase the amount of affordable housing in the City of Pittsburgh and the rest of Allegheny County, the reality is that there is still a dire need for more affordable housing units in both locations. In fact, the number of affordable housing units in both the city and the county is expected to decrease in future years as more apartment projects reach their applicable expiration date regarding restrictions that require some/all of the units to be rented at below-market rates for a set number of years (Once the expiration date is reached, the developer/owner of a project is generally allowed to raise the rents, convert the building to condos and sell them to the highest bidder, or even demolish the existing units and build new ones).

If you are a first-time homebuyer – which generally includes people who have never purchased a home as well as people who have not purchased a home within the last three years – there are several programs that can help you to become a homeowner. These include the following:

Allegheny County Single-Family Mortgage Revenue Bond Program
Although this program is not currently operational, when it is funded, it offers low-interest, 30-year fixed-rate mortgages – and up to $5,000 in down payment and closing costs assistance to residents of Allegheny County who do not live in Pittsburgh. When it was last operational, this program was limited to households that had annual incomes of $64,000/year for 1-2 persons – and $73,600/year for 3 or more persons. In addition, it also offered mortgages up to $248,900 for existing homes or new construction with interest rates of 3.60% (with 1½ points) and 3.75% (with 0 points).

Neighborhood Lift Program
This program provides eligible homebuyers with up to $15,000 of downpayment and closing costs assistance (Note: That amount is increased to $17,500 for eligible homebuyers who are active service members, military veterans, firefighters, police, EMTs, teachers, and paraprofessionals). In order to be eligible, prospective homeowners can have an annual income as high as $63,900 for a family of four – and must attend eight hours of training that is provided free-of-charge by the program.

OwnPGH Homeownership Program
This program provides up to $50,000 in grants and up to $40,000 in forgivable loans to eligible first-time homebuyers seeking to purchase homes within the City of Pittsburgh (Note: Eligible participants may also qualify for the Down Payment and Closing Cost Assistance Program – which provides an additional $7,500 in forgivable loans). In order to qualify, applicants’ household income must be no more than 80% of the Area Median Income – and must have pre-qualified for a loan through one of the program’s three participating banks: Dollar Bank, First Commonwealth Bank, and SSB Bank.

Penn Hills Homebuyer Assistance Program
This program provides up to $14,500 of downpayment and closing costs assistance in the form of a forgivable second mortgage for people buying homes in the Penn Hills neighborhood who meet the following criteria;

• Homebuyers’ household income must be equal to – or less than – 80% of the Area Median Income;
• Homebuyers must earn a Homeownership Counseling Certificate from a HUD-approved counseling agency;
• The home being purchased must be the homebuyer’s primary residence;
• Homebuyers must provide at least $500 or 3% of the total downpayment and closing costs from their personal resources; and
• Homebuyers must have pre-approval from one of the following mortgage lenders: Dollar Bank; First Commonwealth Bank; Huntington bank; Key Bank; Northwest Bank; PNC Bank; or West Penn Bank.

Revitalizing Neighborhoods & Increasing Homeownership Program
This program provides $25,000 grants to help cover downpayments and closing costs for eligible homebuyers in the following locations: East Hills, Homewood North, Homewood South, Homewood West, Mon Valley, Penn Hills, Larimer, Lincoln-Lemington-Belmar, and Wilkinsburg. (Note: Any excess funds can be used to pay down borrowers’ student loans ). In order to be eligible, prospective homeowners must have liquid assets of no more than $50,000 – and must make a minimum contribution of the lesser of $1,000 or 1% of the loan amount from their own funds

Whole-Home Repairs Program
This program provides grants of up to $50,000 to homeowners whose income doesn’t exceed 80% of the Area Median Income to pay for needed repairs to their properties. The $ 13 million of program funds in Allegheny County is being administered by Action Housing.