The Pennsylvania Housing Finance Agency (PHFA) has approved $19.5 million in low-income housing tax credit (LIHTC) reservations for the development of 20 affordable housing communities in suburban and rural areas across the state.
In addition, it has provided more than $81 million in tax-exempt bond volume cap funding to date this year for six additional developments.
When completed, the developments receiving funding will preserve and create 1,517 rental housing units for Pennsylvania residents.
The 47-unit Gateway on Main in Lansdale was selected by a jury of affordable housing professional for an award of funding under the Innovation in Design category. The development by Advanced Living will provide service-enriched housing for seniors 62 years and older through a collaborative approach with participation from local community organizations. The development received a $1.2 million tax credit reservation.
A list of the developments receiving LIHTCs can be found here.
This is the second cycle of awards in Pennsylvania this year. In March, PHFA announced $16.1 million in LIHTC reservations for 17 projects in the state’s urban centers.