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HOF advisory board approves $81,480 loan to PHDC to rehab two blighted homes in Beltsville neighborhood
Summary
The advisory board approved an 18‑month, 0% interest FSDP loan of up to $81,480 to Pittsburgh Housing Development Corporation for rehabilitation of 844 Gearing Avenue and 814 Delmont Avenue; the borrower will repay principal upon sale or at 18 months.
The Housing Opportunity Fund advisory board voted to authorize a for-sale development program (FSDP) loan of up to $81,480 to Pittsburgh Housing Development Corporation (PHDC) for rehabilitation of two blighted single‑family houses at 844 Gearing Avenue and 814 Delmont Avenue in the neighborhood described in the presentation as Belsouvre/Beltzner (transcript spelling inconsistent), Ward 18.
Nicholas (Nicholas/Niklas) Persson, a lending analyst in the URA's residential lending department, presented the request and described a total development cost of $736,631 for the two‑house project. Persson said PHDC plans to cover costs with an equity…
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