Authority for Improvements in Municipalities (AIM)
The Authority for Improvement in Municipalities (AIM) is a unique low-interest funding source that all Allegheny County municipalities and municipal authorities may utilize for capital improvements and equipment. AIM is an important resource for municipalities and municipal authorities to upgrade and improve their public infrastructure and equipment or to satisfy capital needs at a reasonable cost to local taxpayers. Over the years, AIM financing has allowed communities to construct waterlines, storm systems, roads, bridges and retaining walls. Purchases have included traffic signals, police radios, playground equipment and computers. A seven-member board of directors meets monthly to evaluate loan applications. Since its inception in 1968, AIM has authorized 445 loans and grants valued at nearly $29 million.
Programs include:
Project Spotlight: Auberle “Helping Troubled Children and Families to Heal Themselves”
Allegheny County Industrial Development Authority (ACIDA)
The Allegheny County Industrial Development Authority (ACIDA) issues tax-exempt obligations on behalf of small manufacturing companies and 501c(3) nonprofit organizations including, but not limited to, libraries, museums and charter schools. Obligations are issued by the ACIDA on behalf of certain developers to provide for the construction, improvement, rehabilitation, revitalization and financing of manufacturing and research and development enterprises. These activities help create and maintain jobs, eliminate and prevent blight, reduce air and water pollution, and spur business opportunities within Allegheny County.
The rate and term of financing is negotiated. The interest income from the obligations may be exempt from federal and Commonwealth income taxes which results in a reduced interest rate to the developer. Proceeds can be applied to such capital projects as land acquisition, construction of new facilities, additions or renovations to existing structures and equipment purchases. Funding also may be used to refinance certain outstanding debt, credit enhancement features and the costs of project financing.
Tax-Exempt Financing
Project Spotlight: The Children’s Home of Pittsburgh & Lemieux Family Center
Allegheny County Hospital Development Authority (ACHDA)
Allegheny County Hospital Development Authority (ACHDA) is a vital source of financing for the expansion and modernization of health care facilities. Tax-exempt financing is available to hospitals, health centers, personal care facilities, nursing homes and other entities dedicated to health care. Financing is provided by the Authority on behalf of various health care institutions through the issuance of tax-exempt obligations. The rate and term of financing are negotiated. The interest income on the bonds may be exempt from federal and Commonwealth income taxes which results in a reduced interest rate to the health care institutions.
Tax-Exempt Financing
Project Spotlight: Helping West Penn Allegheny Health System Help Others
Allegheny County Higher Education and Building Authority (ACHEBA)
Allegheny County Higher Education and Building Authority (ACHEBA) supports the development and growth of institutions of higher learning in the County. ACHEBA provides tax-exempt financing for colleges, universities and other educational institutions. Financing is provided by the Authority through the issuance of tax-exempt bonds. The rate and term of financing are negotiated. The interest income on the bonds may be exempt from federal and Commonwealth income taxes which results in a reduced interest rate to the institutions of higher learning.
Tax-Exempt Financing
Project Spotlight: Point Park Renovations
Allegheny County Residential Finance Authority (ACRFA)
First-time homebuyers may turn to Allegheny County Residential Finance (ACRFA) for assistance with low-interest, fixed-rate mortgages, and down payment and closing costs. ACRFA issues bonds that provide below market 30-year, fixed-rate Federal Housing Administration (FHA) insured mortgages. Allegheny First-Time Homebuyer Program. Developers may tap ACRFA assistance to finance the rehabilitation or new construction of facilities for multifamily projects.