Housing & Real Estate Development Program
The Housing and Real Estate Development Team's mission is to revitalize Mon Valley communities by providing safe, affordable housing options, and strengthening its commercial districts. The Real Estate Team provides many important functions within MVI. Not only do we develop new and rehabbed homes, we also provide rental and commercial development options to Mon Valley residents.
Community Driven Development: MVI's commitment to a community-driven process influences how we approach all our projects. We encourage and value the input from the community residents, public officials, and our partners as we develop homeownership, rental, and commercial real estate projects.
Homeownership: MVI built its excellent reputation in housing development by delivering high quality homes in both new construction and rehabilitated units. With over 180 homes developed, we have learned how to build cost effective homes that respect the architectural integrity of the community and are low maintenance and energy-efficient. MVI offers homeownership classes that educate first time home buyers about every step of buying and maintaining a home. We also work closely with our buyers throughout the home buying process.
Rental Developments: MVI's rental developments are attractive community assets that provide high quality apartments to low and moderate-income working families. They play an important role in our redevelopment strategy by preserving multi-family buildings that would otherwise be blighting influences on the community.
Commercial Developments: Many of our communities have Historic Main Streets that are in danger of disappearing from years of decline. MVI works with building owners, developers, and downtown merchant associations on strategies to revitalize their shopping districts. In Homestead, with the assistance of a local foundation and PNC Bank, we created a revolving loan pool that assists building owners with mid-term financing to renovate their buildings and attract tenants. In Charleroi and West Newton, MVI hired a national consulting firm to develop market assessments that provide a blueprint for revitalization by evaluating the current conditions and demographics, determining the strategic areas to focus resources, and identifying a list of businesses that would be successful in each market. We also assist owners in securing other funding sources, such as historic tax credits, low interest loans, and facade grants. For more information, please contact us about this program.
We are proud to report that MVI and its member CDCs have now completed 343 units of housing. In addition, there are 39 more units fully financed and under construction along with another 30 units in the process of securing financing.