The Pennsylvania Housing Finance Agency has awarded $66.5 million in low-income housing tax credits to support the construction of 1,900 new and rehabilitated affordable multifamily housing units statewide. When completed, 41 new developments will provide an additional 1,946 rental housing units, including 1,900 affordable units for Pennsylvania residents.
“Tax credits are the main tool for PHFA to create affordable rental housing, and I’m pleased we are awarding credit to developments that will make a difference for so many Pennsylvanians,” said Robin Wiessmann, PHFA executive director and CEO. “The shortage of affordable housing is widely acknowledged. These credits are pivotal in helping to build and preserve homes that working families, seniors and vulnerable Pennsylvanians can afford.”
In addition to these tax credit awards, PHFA’s board authorized Pennsylvania housing tax credits and recognized the agency will also contribute first mortgages and/or soft funding sources to many of the awarded developments. Additionally, these low-income housing tax credits will be used to leverage local, state, federal and private financial resources needed to complete the financing plans for these construction initiatives.
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the PHFA issues RFP for PHARE funding, legislature in 1972, it has generated more than $20.1 billion of funding for more than 206,750 single family home mortgage loans, helped fund the construction of 110,284 rental units, distributed approximately $362 million to support local housing initiatives, and saved the homes of more than 51,400 families from foreclosure.
