Pennsylvania Gov. Tom Wolf announced awards of $41.6 million in low-income housing tax credits (LIHTCs) and $7.7 million in PennHOMES funding for the creation and preservation of 39 affordable housing developments.
Administered by the Pennsylvania Housing Finance Agency (PHFA), the funding will help create and preserve of over 1,700 rental units for low-income households in 19 counties across the state.
Out of the 39 developments receiving LIHTC awards, nine are in Philadelphia County, the most populous county in the state, while eight are in Pittsburgh and Allegheny County.
One development in Pittsburgh receiving tax credits was selected by a jury of affordable housing professionals under the Innovation in Design category. Beacon Communities will transform a historic synagogue into the 45-unit, mixed-income North Negley Apartments. The development will include significant energy-efficiency and sustainable features as well as community amenities.
“The strong demand for tax credits demonstrates just how well they work for funding the construction of affordable rental units,” said PHFA executive director Brian A. Hudson. “Without tax credits, many of these developments would not happen. Tax credits are an affordable housing tool that truly works.”
For a full list of developments receiving LIHTCs, visit https://www.phfa.org/forms/multifamily_news/news/2019/2019-LIHTC-Awards.pdf.
In addition, the governor announced that 211 housing and community development initiatives in 67 counties will share a portion of the $51.2 million in Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) funding for fiscal 2018-19.
Also managed by the PHFA, funding for the PHARE programs comes from impact fees collected from natural gas companies operating in the state, realty transfer tax funds, and money from the National Housing Trust Fund.
The PHARE funding is expected to impact over 2,500 households through rental and utility assistance, downpayment and closing cost assistance for first-time home buyers, blight remediation initiatives, rental housing preservation and rehab, and other innovative projects and programs.
According to the PHFA, at least $36.6 million will be used to fund housing projects benefitting households with incomes less than 50% of the area median income.