The Urban Development Fund provides gap financing for the acquisition of land and/or buildings, construction and/or rehabilitation, and soft costs related to development.
The Urban Development Fund (UDF) Program is designed to stimulate the growth of new and existing businesses in the City of Pittsburgh. The UDF provides market-rate gap financing for small to medium-sized non-residential real estate development where vacant or under-utilized property will be put to productive use and where the applicant is unable to finance fully the proposed project with equity, bank financing and other private and public financing.
Important features of this funding option:
Up to 40% of total project cost
• Maximum loan amount $250,000
• Minimum loan amount $25,000
Maturity: Up to 5 years for working capital,