7
LEVERAGING MARKET RATE HOUSING
The RE_CON housing initiative distributes profits from the sale of market rate construction to stabilize existing residents. +$60,000
STABILIZE + REHAB
+$90,000
STABILIZE + REHAB
+$50,000
RENOVATION
+$60,000 +$100,000 STABILIZE HOME
STABILIZATION OF EXISTING HOUSING FOR THE RETENTION OF RESIDENTS
+$40,000
PV PANEL + CISTERN INSTALL
$300,000 PROFIT TOTAL
In these diagrams, the purple homes are RE_CON 01 + 02 (315 and 317 North Saint Clair Street) sold at market rate value for $700,000, the profit from this sale is then set aside by our partner EDLI into an escrow fund that is dedicated to stabilizing long term neighborhood residents, and supporting renovation and repair efforts in the affordable housing sector, here shown as the orange homes.
$700,000 SALES PRICE EACH
Pittsburgh is in need of 17,000 more affordable units than it currently has. RE_CON is a broad housing strategy being developed by the UDBS and PROJECT RE_, in partnership with ELDI. The goal of RE_CON is to deconcentrate poverty and combat gentrification in Pittsburgh’s blighted neighborhoods by fostering the development of healthy, mixed-income communities. New built affordable housing costs more to build than it can be sold for. This means that different approaches to creating affordable units must be explored. It is not feasible to invest in new built affordable homes as the market currently stands. Collaboration since 2017 has led to the development of a new economic model which leverages the New Market Tax Credit and distributes profits from the sale of market rate construction to stabilize existing residents through rehabilitation projects and energy retrofits of existing homes. Nov. Nov. 4, 2018 Solar Decathlon Application Due
Dec.
Jan.
Feb.
Feb. 8, 2019 Deadline to apply for contextual variance Dec. 4, 2018 Review w/ EDLI Feb. 8, 2019 Concept Review workshop
Mar. Feb.19, 2019 Solar Decathlon Progress Report Due
Mar. 26, 2019 Solar Decathlon Project Report Due Feb. 13, 2019 RE_CON 01-02 Proposals to ELDI Community Planning Commmittee Apr. 5, 2019 Schematic design packages delivered to (3) pre-qualified General contractors for initial bid
Apr.
May
Apr. 12-14, 2019 Solar Decathlon Design Challenge Weekend Apr. 9, 2019 Solar Decathlon Project Presentation Due May 30, 2019 Solar Decathlon Faculty Report Due
Apr. 10, 2019 Presentation to ELDI Real Estate Investment Board
Jun.
Jul.
June 10, 2019 Commence Construction (General Contractor)
May 3, 2019 CD set at 100% completion May 5, 2019 General Contractor selection announcement May 24, 2019 General Contractor pulls building permits for RE_CON 01-02
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Feb. 21, 2020 Construction Complete
Mar.
Apr.
Mar. 1, 2020 Presentation for Sale
May
