Affordable Housing Impact Fund
There is a severe shortage of over 21,000 housing units that are both affordable and available to people living on extremely low incomes in the City of Pittsburgh.
The failure of the local housing market to meet this demand is creating a domino effect that makes housing unaffordable across all lower income levels, which results in 22% of Pittsburgh renters spending more than half of their income on housing. In many communities, viable real estate development projects are stalled due to a myriad of factors including:
- Lack of organizational capacity to initiate and lead activities
- Scarce financial resources
- Insufficient technical expertise
- Complications of land assemblage
Neighborhood Allies and LISC have launched the Impact Fund to accomplish three goals concurrently:
- Produce and preserve affordable housing
- Build the capacity of CDCs, CBOs and smaller neighborhood developers
- Fuel economic development and opportunity in targeted neighborhoods
Shared Real Estate Talent Program
The Shared Real Estate Talent Program is designed to be part “deal guy” and part “strategist and quarterback” to provide high-level talent to local CDCs that have previously lacked access to it. This is particularly important as the communities that are most vulnerable to the negative aspects of Pittsburgh’s growing real estate market, often lack the capacity to proactively address these issues. Neighborhood Allies is assisting community organizations to build the right team starting from project inception by providing an Owner’s Representative to help focus and lead the efforts on land assembly and acquisition, financial analysis, environmental, design and feasibility and supplementing that with shared support services and an ecosystem of participants.
A shared real estate consulting and / or staffing resource between organizations leverages a level of real estate expertise and coordination that would not be possible by the organizations acting alone. The engagements with the consultants/coaches are longer-term, and outcome based to promote continuity and the achievement of meaningful outcomes. We are also connecting the provision of direct shared real estate talent with Neighborhood Allies’ Real Estate Empowerment Series. Collectively these two initiatives will help combine both the theory and practice of community based real estate development.