Oakland has a rental housing market with high demand. As a result, properties can lease with limited property reinvestment and marginal maintenance standards. The effect over an extended period of time is a gradual deterioration of the physical environment. As well, the strong rental demand precludes affordable home ownership as properties transact based on potential rental income. Once they enter the rental stock, they are unlikely to return to home ownership. These issues erode the overall neighborhood quality.
In an effort to harness the market strength and channel it to the goals of high quality rental and home ownership, OPDC aims to purchase and upgrade (safety, code and aesthetic improvements) up to 100 at-risk residential rental units in the South Oakland neighborhoods between 2004 and 2009. After making basic and necessary improvements, OPDC will manage the units with a high maintenance standard and rent them to the low/mod-income family, international, and graduate student markets.
While they are tenants, OPDC will educate these renters in home ownership. In a lease-purchase strategy, OPDC can exercise an option after up to 5 years to offer a mortgage buyout to the renters to make them homeowners. With property control and stronger home ownership, OPDC can successfully address a current downward spiraling market and create a steady supply of educated homebuyers who have test driven the neighborhood.
Apartments Available (as of May 2008)
3221 Parkview Avenue
One 2 Bedroom Apartment - First Floor3259 Dawson (Pacelli House)
One 2 Bedroom ApartmentFor more information about these available apartments, please contact Ken at 412-621-7863 ext. 11.
Rental Property Portfolio:
Pacelli House - This deteriorated, but beautiful Victorian structure on Dawson Street had to be sold at an estate sale. The family asked OPDC to purchase the house in order to assure that the integrity of the house would remain intact. With homeownership solidified in the neighborhood, OPDC completed a six-unit renovation in 1990, which meets the community needs for quality apartments for lower-income individuals. To check availability, please call OPDC at 412-621-7863.
Parkview Manor - This building is formerly the old St. Regis School. In 1980, OPDC purchased the property from the Diocese of Pittsburgh and began renovating it into a 15-unit complex for both senior citizens and people with disabilities. With the help of the U.S. Dept. of Housing and Urban Development, the facility was completed and reopened in 1984. To check availability, please call OPDC at 412-621-7863.
Aliquippa Place - This project was a joint venture to bring affordable living to the West Oakland area. This is a 6 building 24-unit project that was one of the first Tax Credit Financing projects in the area. The project is a partnership between Oakland Planning and Development Corporation, Breachmenders and National Equity Fund, who provided the financing in return for tax credits. To check availability, please call OPDC at 412-621-7863.
3221 Parkview - A two-unit property purchased as part of Oakland Planning and Development Corporation's Rental Stabilization Program. The second/third floor apartment has 3 bedrooms, 1 bath, living room, dining room, and a washer and dryer located in the basement. The first floor apartment has two bedrooms. Call OPDC at 412-621-7863 for more information.
29 / 30 Childs Street - This two-unit property was purchased as part of Oakland Planning and Development Corporation's Rental Stabilization Program. Each apartment has three bedrooms and 1 bath. The units are also conveniently located to Oakland. For availability, please call OPDC at 412-621-7863.
3230 / 3238 / 3240 Ward Street - These three houses were purchased as part of Oakland Planning and Development Corporation's Rental Stabilization Program. These rental properties are located in South Oakland and have three bedrooms, wall-to-wall carpeting, and brand new kitchens and bathrooms. Located just minutes from the University of Pittsburgh, UPMC, recreational amenities, shops, and restaurants, these units are only $700 per month, not including utilities. These units come with an option to buy! Call OPDC at 412-621-7863 for more information.
For more information and rental availability on any of
the OPDC properties listed above please contact our office at 412.621.7863.
Please be prepared to specify which rental property you are interested in.
