Garfield 2030 Plan

[mckeesport_alum]

It is in a KOZ (Keystone Opportunity Zone). I did some research on my own and with my CPA and it seems to be legit. Also, no income requirements...

Garfield/Friendship area - Questions

[AaronPGH]

Yes, the KOZ tax credits are legit. I'm closing on a unit in the Glass Lofts in a couple of weeks. My mortgage payment is going to be almost $250 cheaper because of the lack of real estate and property taxes.

And honestly, are the Glass Lofts really that overpriced? Condos aren't the same as buying a row house, which I think people in Pittsburgh tend to wrongly compare them to since there really isn't much of a condo culture here. It's an apples to oranges comparison. I'm paying $165k for a 940 sq foot unit, with off-street parking in the middle of the East End....with no property or state/county/city income taxes. That really doesn't sound like a bad deal to me. Some of the smaller units were in the 120k-140k price range. Even without all the tax credits, I haven't found any equivalent condo in the city that's cheaper - especially in such a central location. When you add the tax credits in, it's even more impossible to find.

Unfortunately, the only units left are pretty large and expensive in there... and I'm not so sure they'll have as easy of a time selling those.

[ferraris]

Originally Posted by AaronClark

Yes, the KOZ tax credits are legit. I'm closing on a unit in the Glass Lofts in a couple of weeks. My mortgage payment is going to be almost $250 cheaper because of the lack of real estate and property taxes.

And honestly, are the Glass Lofts really that overpriced? Condos aren't the same as buying a row house, which I think people in Pittsburgh tend to wrongly compare them to since there really isn't much of a condo culture here. It's an apples to oranges comparison. I'm paying $165k for a 940 sq foot unit, with off-street parking in the middle of the East End....with no property or state/county/city income taxes. That really doesn't sound like a bad deal to me. Some of the smaller units were in the 120k-140k price range. Even without all the tax credits, I haven't found any equivalent condo in the city that's cheaper - especially in such a central location. When you add the tax credits in, it's even more impossible to find.

Unfortunately, the only units left are pretty large and expensive in there... and I'm not so sure they'll have as easy of a time selling those.

I think you're right in a sense. I am definitely am not a big fan of condos. I think they aren't the best use of money, but I guess I can see how they would appeal to some people. And with the tax breaks, it's even a bit more understandable. I just don't see $100K in benefits when compared to nearby homes, but you're right, it is a personal preference.

EDIT: Also, if they have been able to sell these condos at that price, I don't think it is a bad thing at all. It's great to have money coming into the neighborhood without destroying large chunks of it.

[ferraris]

I noticed that the abandoned gas station at Negley and Penn has already been torn down. I don't know what they plan for the site, but it is good to see progress on the plan being made so quickly.

[CrispyCritter]

Originally Posted by Pitts10yrs

It has nothing to do with opportunities, it has to do with a sub-culture within the minority that is self destructive.

You hit the nail on the head. It's all about culture.

[Queecho Feecho]

So somebody may pay the high price while the tax abatement is in effect...but what about when it expires? Tax abatements for new development are damaging. All they do is encourage some developer to building something in a place where the project isn't economically viable on its own. In order to make it cross the line from "not worth it" to "worth it" for the developer, tax advantages are financed by taking tax dollars from tax payers at various levels of government.

Why should taxpayers in the entire country, state, county, or city have their pockets picked so that some developer can be made willing to build an otherwise unviable project in some particular neighborhood?