Pittsburgh controller blames increased realty transfer tax, disaster response for sagging revenues

Pittsburgh controller blames increased realty transfer tax, disaster response for sagging revenues

City Controller Michael Lamb blamed the city’s increased realty transfer tax for sluggish revenue numbers in the first half of 2018 Tuesday.

“It was an unnecessary increase that has been counterproductive to affordable housing,” Lamb said at a press conference. “We’re fighting to keep families in this city and the tax is an added hurdle in the way of enticing new people into town.”

Tuesday, July 10, 2018/Author: Atiya Irvin-Mitchell
Categories: Pittsburgh
Pittsburgh City Council finalizes realty transfer tax increase to fund affordable housing

Pittsburgh City Council finalizes realty transfer tax increase to fund affordable housing

Nearly a year to the day Pittsburgh City Council first authorized an affordable housing trust fund, it has finally been funded.

In a mid-day vote, City Council approved a staggered raise of the realty transfer tax, a one time fee paid by home buyers, by a 7-2 vote.

Tuesday, December 19, 2017/Author: Stephen Caruso
Categories: Pittsburgh
A raise in Pittsburgh's realty transfer tax gets preliminary City Council approval

A raise in Pittsburgh's realty transfer tax gets preliminary City Council approval

Pittsburgh City Council has advanced legislation that would increase the city’s realty transfer tax from 4 percent to 4.5 percent in 2018.

The money garnered from the tax is expected to go toward the affordable housing trust fund, also known as the Housing Opportunity Trust Fund, which was approved by council last December. It is also expected to supply the fund with $10 million annually for the next five years to build housing and rehabilitate older homes for those who qualify under low-income standards.
Wednesday, December 13, 2017/Author: Alanna Koll
Categories: Pittsburgh
Pittsburgh City Council members seek funding alternatives to reality transfer tax for housing, early childhood funding

Pittsburgh City Council members seek funding alternatives to reality transfer tax for housing, early childhood funding

A coalition of Pittsburgh City Council members may have found a way to partially fill its Affordable Housing Opportunity Trust Fund, provide funding for early childhood education in the city, and offset a proposed hike in the real estate transfer tax with a package of budget amendments.

Wednesday, December 6, 2017/Author: Alanna Koll
Categories: Pittsburgh
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